The bill amends the Technology Jobs and Research and Development Tax Credit Act to expand the definition of "qualified expenditure" to include expenditures for property owned by a municipality or county in connection with an industrial revenue bond project. Additionally, it introduces a new definition for "data center" as a facility primarily containing electronic equipment used for processing, storing, and transmitting digital information. The bill also allows for the transferability of tax credit certificates for a limited period, specifically for basic and additional credits allowed for taxable years 2026 through 2028, with certain restrictions on the transfer of credits exceeding fifty million dollars.

Furthermore, the bill modifies the application process for claiming both basic and additional credits, requiring a certificate of eligibility from the taxation department. It specifies that any approved credits not claimed within the taxable year can be carried forward for up to seven years. The provisions of this act will apply to taxable years beginning on or after January 1, 2026, thereby establishing a framework for incentivizing technology-related investments and research within the state.

Statutes affected:
introduced version: 7-9F-9.1
CE substitute: 7-9F-9, 7-9F-9.1