Connecticut Small Businesses Gain R&D Tax Credits
Hartford News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Connecticuts small businesses, including pass-through entities, are set to gain state research and development tax credits, thanks to Governor Lamonts budget proposal. The plan, which includes a voucher program managed by the Department of Economic and Community Development, allows eligible companies to claim up to six percent of their R&D spending, with a cap of $1.5 million per business and $25 million annually. This move aims to boost competitiveness, particularly against states like New York and Massachusetts, and support growing sectors like biotechnology and advanced manufacturing. With broad backing from lawmakers and the Lamont administration, the proposal is expected to pass, potentially leading to increased hiring, tech upgrades, and economic growth.
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