Maine LD926: An Act to Promote Research and Development in the State by Amending the Research Expense Tax Credit

What the bill says

An Act to Promote Research and Development in the State by Amending the Research Expense Tax Credit Received by the Clerk of the House on March 5, 2025. Referred to the Committee on Taxation pursuant to Joint Rule 308.2 and ordered printed pursuant to Joint Rule 401. ROBERT B. HUNT Clerk Presented by Representative SAYRE of Kennebunk. Cosponsored by Senator PIERCE of Cumberland and Representatives: CROCKETT of Portland, MALON of Biddeford, RIELLY of Westbrook, ROBERTS of South Berwick, SARGENT of York. Printed on recycled paper.

From the introduced text:

An Act to Promote Research and Development in the State by Amending the Research Expense Tax Credit Received by the Clerk of the House on March 5, 2025. Referred to the Committee on Taxation pursuant to Joint Rule 308.2 and ordered printed pursuant to Joint Rule 401. ROBERT B. HUNT Clerk Presented by Representative SAYRE of Kennebunk. Cosponsored by Senator PIERCE of Cumberland and Representatives: CROCKETT of Portland, MALON of Biddeford, RIELLY of Westbrook, ROBERTS of South Berwick, SARGENT of York. Printed on recycled paper Be it enacted by the People of the State of Maine as follows: Sec. 1. 36 MRSA §5219-K, sub-§1, as amended by PL 2007, c. 627, §91, is further amended to read: 1. Credit allowed. A taxpayer is allowed a credit against the tax due under this Part equal to the sum of 5% 10% of the excess, if any, of the qualified research expenses for the taxable year over the base amount and 7.5% 15% of the basic research payments determined under the Code, Section 41(e)(1)(A). The term "base amount" means 50% of the average amount per year spent on qualified research expenses over the previous taxable years by the taxpayer. As used in this section, unless the context otherwise indicates, the terms "qualified research expenses," "qualified organization base period amount," "basic research" and …

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Sponsors

• Daniel Sayre (D, 135) · primary sponsor