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SB 252 - This act modifies provisions of law which authorize a tax credit for qualified research expenses. The tax credit is limited to research expenses incurred in the research and development of agricultural biotechnology and plant genome products, and prescription pharmaceuticals consumed by animals. The act modifies the time-line for application and issuance of tax credits under the program. Under current law, no qualified research expense tax credits may be approved, awarded or issued after January 1, 2005. This act removes the prohibition on approval and issuance of tax credits and increases the annual tax credit cap from nine million seven hundred thousand to ten million dollars. The director of the department of economic development may allow taxpayers to transfer, sell, or assign up to forty percent of tax credits between January 1, 2011 and December 31, 2017, provided such taxpayer files an application providing certain information regarding such transfer. In the event the amount of claims for tax credits exceed the annual cap, the act provides a method for pro rating issuance of tax credits. This act is similar to the provisions of Senate Bill 353 (2009), House Bill 312 (2009), and Senate Bill 1188 (2008). JASON ZAMKUS
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