Did not become law. It stopped in the Senate's Tax Expenditures Committee on June 25, 2023. The 2023 session has ended.
2023 Regular Session
Senate Bill 5
Restores corporate excise tax credit allowed for qualified research activities and sets increased maximum credit amount.
What it does
The synopsis the Legislative Assembly published with the bill.
Restores corporate excise tax credit allowed for qualified research activities and sets increased maximum credit amount. Limits use of credit to semiconductor or other advanced manufacturing industries. Uses tiered credit percentages based on amount of increase in qualified research expenses. Provides for refundability of credit for taxpayer with fewer than 150 employees. Increases maximum amount of alternative qualified research credit allowed to taxpayer with insufficient increase in research expenses to claim standard credit. Exempts from commercial activity subject to corporate activity tax amount of qualified research credit allowed against corporate excise tax. Applies to tax years beginning on or after January 1, 2024, and before January 1, 2030. Takes effect on 91st day following adjournment sine die.
Sponsors
Who carried the bill in each chamber, and who signed on. Each name leads to the member's page.
In the Senate
Sponsor
Its course
March 27 to June 25, 2023, on one scale. In the top row each mark is a day something happened; taller marks are busier days.
Each committee stop sits inside its chamber.
Every action10 actions on 9 days
In the SenateMar 27 to Jun 25 · stopped90 days
Waiting for a committeeMar 27 to Mar 303 days
SemiconductorsMar 30 to Apr 2829 days
Tax ExpendituresApr 28 to Jun 25 · stopped58 days
Text
Each version as the Legislative Assembly printed it.
l9n doesn't hold this bill's text yet.
What happened
In l9n's words, one line for each step. Every action as the Legislative Assembly published it is below.
In the Senate Mar 27 – Jun 25
- Mar 27Introduced
- Mar 30Sent to Semiconductors
- Apr 19Heard in Semiconductors
- Apr 26Heard in Semiconductors
- Apr 28Semiconductors recommended it, and that it go to Tax Expenditures
- Sent to Tax Expenditures
- May 5Heard in Tax Expenditures
- May 23Heard in Tax Expenditures
- Jun 25Died when the session ended
All 10 actions, as published
- Mar 27Introduction and first reading. Referred to President's desk.Senate
- Mar 30Referred to Semiconductors, then Tax Expenditures.Senate
- Apr 12Public Hearing Cancelled.Senate
- Apr 19Public Hearing held.Senate
- Apr 26Work Session held.Senate
- Apr 28Recommendation: Do pass and be referred to Tax Expenditures by prior reference.Senate
- Apr 28Referred to Tax Expenditures by prior reference.Senate
- May 5Public Hearing held.Senate
- May 23Informational Meeting held.Senate
- Jun 25In committee upon adjournment.Senate