HB 2546 HD2 SD1

Amends the tax credit for research activities by: allowing taxpayers to claim credits for all qualified research expenses without regard to prior-year expenses; amending from March 31 to March 1, the deadline for qualified high technology businesses to submit a written, certified statement to the Department of Business, Economic Development, and Tourism identifying its qualified expenditures and research activities tax credits claimed in the previous taxable year; increasing the annual statewide cap amount for the tax credit; requiring the tax credit to be divided between all qualified high technology businesses for that year on a proportional basis if the annual statewide cap is reached; and requiring DBEDT to establish an annual application period and notify each qualified high technology business applicant of the credit amount certified. Applies to costs incurred beginning after 12/31/2025. Effective 7/1/3050. (SD1)