April 8, 2021 - The House Economic Development Committee chaired by Rep. Derek Grier, today advanced HB 690, filed by Rep. Don Mayhew, that would revive the research and development tax credit.
A committee substitute was adopted that changed some of the parameters for claiming the credit. A portion of the credit would be set aside for minority business enterprises, women's business enterprises and small businesses.
The amount of credit available to each company and under the entire program is set out in the proposal.
A corporation income tax exemption for five years was added to the bill, affecting only certain businesses:
Small arms ammunition manufacturers;
Small arm ordnance and accessories manufacturers;
Research and development firms, except nanotechnology and biotechnology;
Child daycare;
Community food services;
Full-service restaurants; and,
Limited-service restaurants.
The bill advanced from committee with a strong bipartisan vote.
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