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Commerce committee advances bill to extend R&D tax credit to pass‑through entities
Summary
The committee placed HB7008, which would create a research and development expense tax credit for pass‑through entities such as LLCs and S corporations, on the consent calendar and referred the measure to the Finance Committee; supporters said the change would reach smaller firms that currently do not qualify for the credit.
The Commerce Committee on Oct. 27 placed HB7008 on its consent calendar and referred the bill to the Finance Committee. The proposal would allow pass‑through entities — including LLCs and S corporations — to claim a research and development expense tax credit currently available only to C corporations.
Committee discussion framed the bill as an incentive aimed at smaller businesses that make up a majority of Connecticut’s employers. Committee members said the current credit is available to C corporations and that many smaller firms operate as pass‑through entities and therefore do not benefit from the existing credit.
A member of the committee moved to add HB7008 to the consent calendar; the motion was made, seconded and taken without objection. The committee did not announce a final tally at the hearing; votes were left open until 2:00 p.m.
The transcript records historical context that the idea has persisted in past sessions and was described as a targeted incentive to help smaller pass‑through businesses scale research and development activities.
No implementation or dollar amounts were specified in the committee discussion; the bill was described and placed on the consent calendar pending further committee and floor action.
