This bill amends the Tax Reform Code of 1971, specifically focusing on the research and development tax credit. It increases the total amount of credits approved by the Department of Revenue from $60 million to $120 million in any fiscal year. Additionally, the allocation for small businesses is raised from $12 million to $24 million. The bill also stipulates that if either the small business applicants or the other group of applicants does not utilize their allocated credits in a fiscal year, the unused portion will be made available to the other group of qualifying taxpayers.

The changes aim to enhance support for small businesses while also increasing the overall funding available for research and development tax credits. The act is set to take effect 60 days after its passage.

Statutes/Laws affected:
Printer's No. 1091 (Mar 24, 2025): P.L.6, No.2
Printer's No. 1091: P.L.6, No.2