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SB 923 Connecticut Senate · 2025 Regular Session

AN ACT CONCERNING THE RESEARCH AND DEVELOPMENT TAX CREDIT EXCHANGE RATE FOR BIOTECHNOLOGY COMPANIES.

SB 923 increases the research and development (R&D) tax credit exchange rate to 100% specifically for biotechnology companies in Connecticut. This change directly affects qualifying biotech firms by effectively doubling the value of their R&D tax credits under existing law. The bill amends Section 12-217ee of the general statutes to set this new 100% rate, replacing whatever the previous rate was (though the bill text doesn’t specify the prior percentage). The policy change provides a more substantial financial incentive for biotech companies to invest in research and development activities within the state.
Issues: ✗ Budget & TaxesOpposes Budget & TaxesCreates tax break for biotech companies (wealthy entities), aligning with 'oppose' indicator of tax breaks for wealthy.95% confidence ✓ TechnologySupports TechnologyProvides 100% R&D tax credit for biotech companies, directly funding technology sector innovation through financial incentives for research.95% confidence
Bill status in committee 1 of 4 stages cleared
Introduction
Jan 2025
Committee Review
Floor Vote
Governor
Introduced Jan 22, 2025 Last action Jan 22, 2025
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Committee
1
Jan 22, 2025
Committee
REF. TO JOINT COMM. ON Finance, Revenue and Bonding
upper
0 primary · 0 co-sponsors

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