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Finance panel reviews proposed repeals of small tax incentives and an extension of R&D credit carryforward to attract high-growth industries
Summary
Committee heard administration rationale to repeal underused tax incentives and to extend the carryforward for the R&D expense credit from 7 to 15 years to align with neighboring states and support life-sciences and other R&D-intensive industries.
The administration asked the committee to approve a package of technical changes that would repeal several underused tax incentives and extend the carryforward period for the research-and-development (R&D) expense tax credit.
Sharon and Office of Revenue Analysis staff presented a list of small credits and incentives identified as underutilized in recent program reviews; combined repeals were expected to reduce general-revenue costs by roughly $200,000 in the budget…
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