North Carolina S354: NC Breakthrough Act.

What the bill says

An act to reenact and modify the research and development tax credit.

From the introduced text:

A BILL TO BE ENTITLED AN ACT TO REENACT AND MODIFY THE RESEARCH AND DEVELOPMENT TAX CREDIT. The General Assembly of North Carolina enacts: SECTION 1. Article 3F of Chapter 105 of the General Statutes is reenacted as it existed immediately before its repeal and reads as rewritten: "Article 3F. "Research and Development. "§ 105-129.50. Definitions. The definitions in section 41 of the Code apply in this Article. In addition, the following definitions apply in this Article: (1) Development tier one area. - Defined in G.S. 143B-437.08. (2) Full-time job. - Defined in G.S. 105-129.81. ... (4) North Carolina university research expenses. - Any amount the taxpayer paid or incurred to a research university for qualified research performed in this State or basic research performed in this State. ... (5) Period of measurement. - Defined in the Small Business Size Regulations of the federal Small Business Administration. (6) Qualified North Carolina research expenses. - Qualified research expenses, other than North Carolina university research expenses, for research performed in this State. (7) Receipts. - Defined in the Small Business Size Regulations of the federal Small Business Administration. (8) Related person. - Defined in G.S. 105-163.010.A person described in one of the relationships set forth in section 267(b) or 707(b) of the Code. (9) Research university. - An institution of higher education …

Read the full official text

Sponsors

• Theodros, Caleb (D, 41) · primary sponsor
• Blue, Dan (D, 14) · primary sponsor
• Mohammed, Mujtaba A. (D, 38)
• Murdock, Natalie S. (D, 20)
• Robinson, Gladys A. (D, 28)
• Smith, Kandie D. (D, 5)

Latest actions

1. March 20, 2025: Ref To Com On Rules and Operations of the Senate
2. March 20, 2025: Passed 1st Reading
3. March 19, 2025: Filed

Common questions

What is S354?

S354 is a bill in the North Carolina Legislature (2025-2026 Session): NC Breakthrough Act.

What does S354 do?

In its own words: An act to reenact and modify the research and development tax credit.

What is the status of S354?

In committee as of March 20, 2025. Latest action: Ref To Com On Rules and Operations of the Senate (March 20, 2025).

Who sponsored S354?

Theodros, Caleb (D, 41), with 5 co-sponsors.

Where is the official record for S354?

On the North Carolina Legislature website: https://www.ncleg.gov/BillLookUp/2025/S354