Digest: The Act brings back a tax credit for research expenditures. (Flesch Readability Score: 69.7).
Restores the corporate excise tax credit allowed for qualified research activities at an increased maximum amount. Provides for refundability and transferability of the credit. Allows the option for research and development expenditures to be fully deducted in the tax year paid or incurred, rather than treated as capital expenditures and amortized over five years.
Applies to tax years beginning on or after January 1, 2025, and before January 1, 2031.
Takes effect on the 91st day following adjournment sine die.

Statutes affected:
Introduced: 317.152, 317.154, 317.850