The proposed bill, General Assembly Proposed Bill No. 51, seeks to amend section 12-217ee of the general statutes by increasing the research and development tax credit exchange rate specifically for biotechnology companies to one hundred percent. This change aims to enhance the financial incentives for biotech firms engaged in research and development activities, thereby fostering innovation and growth within the industry.

The bill does not include any deletions from the current law but focuses solely on the insertion of the new exchange rate provision for biotechnology companies. By raising the tax credit exchange rate to a full one hundred percent, the legislation intends to support the biotechnology sector's contributions to the economy and encourage further investment in research and development initiatives.