HB244 Alabama 2021 Session

Summary

Primary Sponsor

Danny Garrett Representative

Republican

Session

Regular Session 2021

Title

Taxation, Alabama Innovation Act, tax credit for qualified research expenses, provided, Secs. 40-18-470 to 40-18-475, inclusive, added.

Description

This bill would establish the Alabama Research and Development Act that would provide for a research and development tax credit to certain Alabama companies. The credit would be based on in-house research, contracted research, and consortium research expenses for qualified research conducted in Alabama.

This bill would limit the Alabama Research and Development tax credits to no more than $25 million of credits for research and development expenses in any calendar year; and no eligible company or business could claim more than 20 percent in a single tax year.

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Subjects

Taxation