This 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. The bill also introduces new exclusions for what constitutes a "qualified expenditure," specifically excluding property for which the taxpayer has received credits under the Investment Credit Act, property owned by the taxpayer or an affiliate before July 3, 2000, and research and development expenditures reimbursed by non-affiliates. Additionally, the definition of "qualified facility" is refined to clarify that it does not include facilities operated for the U.S. government or designated as national laboratories.

Furthermore, the bill allows for the transferability of tax credits, enabling taxpayers to sell, exchange, or transfer their credits to another taxpayer for the full value of the credit, with a requirement to notify the taxation department within ten days of such transactions. The provisions of this act will apply to taxable years beginning on or after January 1, 2026. The bill also extends the period for claiming any unclaimed approved additional credits from three years to ten years.

Statutes affected:
introduced version: 7-9F-9.1