Bill > HB05147

This bill proposes to modify existing tax law in Connecticut to increase the amount of research and development (R&D) tax credits that a taxpayer can use in a single income year. R&D tax credits are financial incentives designed to encourage businesses to invest in innovation, research, and technological advancements by allowing them to reduce their tax liability for expenses related to qualifying research activities. While the specific details of the increase are not provided in the bill text, the legislation aims to provide more financial flexibility for businesses engaged in research and development by expanding the cap on how many tax credits they can apply in a given tax year. This type of legislation is typically intended to stimulate innovation, support technological progress, and make the state more attractive to businesses investing in research.

Budget and Finance

https://www.cga.ct.gov/asp/cgabillstatus/cgabillstatus.asp?selBillType=Bill&bill_num=HB05147&which_year=2025