Income and corporation tax credits: research and development.
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SB 444 — Income and corporation tax credits: research and development.
Last action — Returned to Secretary of Senate pursuant to Joint Rule 56.
No card. One bill, free forever — alerts when it moves.
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1Introduced
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2In Committee
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3Passed Senate
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4Passed Assembly
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5To Executive
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6Enacted
This bill died with 2009-2010 Regular Session. It reached “Introduced” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.
Summary
The Personal Income Tax Law and the Corporation Tax Law, by reference to a specified federal statute, allow a credit against taxes imposed by those laws for increasing research expenses, as defined. In general, the amount of the credit under both laws is equal to 15% of the excess of the qualified research expenses, as defined, for the taxable year over the base amount, as defined, and, in addition, for purposes of the Corporation Tax Law, 24% of the basic research payments, as defined. The term "base amount" means the product of the average annual gross receipts of the taxpayer for each of the specified years preceding the taxable year and the fixed-base percentage, as defined, but in no event less than 50% of the qualified research expenses for the taxable year. A taxpayer may elect an alternative incremental credit for increasing research expenses in modified conformity to federal income tax laws. This bill would increase the credit for increasing research expenses to 20% of the excess of the qualified research expenses. This bill would also provide complete conformity to the alternative incremental credit provided under those federal income tax laws. This bill would take effect immediately as a tax levy.
Bill Text
What changed in the latest version
1 added · 1 removed1 line(s) added, 1 removed.
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- Introduced 02/26/09 - Introduced Current pdf February 26, 2009
- SB444 View text html
Action History
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Returned to Secretary of Senate pursuant to Joint Rule 56.
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Placed on REV. & TAX. suspense file.
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Set for hearing May 13.
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To Com. on REV. & TAX.
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From print. May be acted upon on or after March 28.
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Introduced. Read first time. To Com. on RLS. for assignment. To print.
Sponsors
- Ashburn · Primary
Sponsorship breakdown
Export CSV (upgrade) →1 sponsors · 0 co-sponsors · 121 not signed on
Sponsors (1)
- Ashburn
Co-sponsors (0)
None.
Not signed on (121)
121 members have not signed on to this bill.
Show all 121 →"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.
Subjects
Frequently asked questions
- What does SB 444 do?
- The Personal Income Tax Law and the Corporation Tax Law, by reference to a specified federal statute, allow a credit against taxes imposed by those laws for increasing research expenses, as defined. In general, the amount of the credit under both laws is equal to 15% of the excess of the qualified research expenses, as defined, for the taxable year over the base amount, as defined, and, in addition, for purposes of the Corporation Tax Law, 24% of the basic research payments, as defined. The term "base amount" means the product of the average annual gross receipts of the taxpayer for each of the specified years preceding the taxable year and the fixed-base percentage, as defined, but in no event less than 50% of the qualified research expenses for the taxable year. A taxpayer may elect an alternative incremental credit for increasing research expenses in modified conformity to federal income tax laws. This bill would increase the credit for increasing research expenses to 20% of the excess of the qualified research expenses. This bill would also provide complete conformity to the alternative incremental credit provided under those federal income tax laws. This bill would take effect immediately as a tax levy.
- Who sponsors SB 444?
- SB 444 is sponsored by Ashburn.
- What is the current status of SB 444?
- This bill died with 2009-2010 Regular Session. It reached “Introduced” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
- Where can I track SB 444?
- Track SB 444 free on One Click Politics — get push/email alerts when it moves.
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