Bill > HSB306

Introduced Session

This bill modifies the research activities tax credit (credit) available against the individual and corporate income taxes. Under the bill, an individual or corporation that has claimed the credit and has incurred an aggregate amount of mass layoffs and business closings, as defined in Code section 84C.2, during the taxable year for which the credit is claimed, shall have the credit claimed in that taxable year reduced by the following percentages: for layoffs of 1,500 or more, 50 percent; for layoffs of at least 1,000 but not exceeding 1,500, 25 percent; for layoffs of at least 500 but not exceeding 1,000, 12.5 percent; and for layoffs of less than 500, 6.25 percent. The bill requires the department of revenue to review mass layoff notices provided pursuant to the department of workforce development under Code chapter 84C, and any other relevant information available, prior to allowing the credit. A credit that has already been claimed that is subject to the provisions of the bill shall be recaptured by the department of revenue in the same manner as provided in Code section 15.330(2). The bill takes effect upon enactment and applies retroactively to tax years beginning on or after January 1, 2024.

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No sponsors listed

Other Sponsors (1)

Subcommittee recommends passage. (on 03/13/2025)

Official Document