SENATE BILL 976

File Code: Economic and Community Development

Sponsored By:

Chair, Budget and Taxation Committee (By Request - Departmental - Business and Economic Development)

Entitled:

Business and Economic Development - Biotechnology Investment Incentive Act

Synopsis:

Altering eligibility criteria and requirements for claiming a credit against the State income tax for investments in specified biotechnology businesses; prohibiting the certification of credits for investments in a single company for any fiscal year in excess of 15% of the total appropriations to the Reserve Fund for the fiscal year; providing that the credit may be claimed over 2 taxable years, beginning with the second year after the taxable year in which the investment was made; etc.

History by Legislative and Calendar Date

Senate Action

3/1

First Reading Senate Rules

3/2

Re-referred Budget and Taxation

Hearing 3/21 at 1:00 p.m.

House Action

No Action

Sponsored by:

Budget and Taxation Committee, Chair

Departmental

Business and Economic Development, Department of

Bill indexed under the following Subjects:

Assessments and Taxation, Department of

Comptroller

Income Tax

Industry and Technology

Investments -see also- Securities

Medical Research

Notices

Rules and Regulations

Tax Credits -see also- Circuit Breaker

Bill affects the following Statute:

Tax - General

( 10-725 )

Documents:

Bill Text (Displayed in PDF Format): First Reading, Third Reading, Enrolled

Fiscal and Policy Note (Displayed in PDF Format): Available

Amendments: None offered