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Senate passes life-science tax-credit package; Tax Commission asks for technical fix
Summary
Senators approved a Technology and Life Science Economic Development Act that creates new tax credits and an administrative appropriation for GOED, then reconsidered the measure to allow an amendment requested by the Tax Commission to change mandatory rulemaking language to permissive language.
Senator Bramble presented second substitute House Bill 4 96, the Technology and Life Science Economic Development Act, saying it "enacts a nonrefundable income tax credit for certain capital gains transactions related to life science establishments" and also establishes refundable credits tied to increased state tax revenue. The sponsor told the Senate the…
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