HB6932, also known as File No. 718, is a bill that increases the cash refund for qualifying small biotechnology companies for research and development (R&D) and research and experimental (R&E) tax credits from 65% to 80% of the credit amount. This refund is currently available to small businesses that earn R&D and R&E tax credits but cannot use them due to having no corporation business tax liability. The bill also defines a "biotechnology company" and makes technical changes. The bill has a fiscal impact of a $1.1 million annual revenue loss to the General Fund beginning in FY 24. The bill has received favorable action from the Finance, Revenue and Bonding Committee.

Statutes affected:
Raised Bill: 12-217ee
FIN Joint Favorable: 12-217ee
File No. 718: 12-217ee