An Act To Restore the Super Credit for Substantially Increased Research and Development
Sec. 1. 36 MRSA §5219-L, sub-§1, as amended by PL 2013, c. 502, Pt. J, §1 and affected by §3, is further amended to read:
Sec. 2. 36 MRSA §5219-L, sub-§3, as amended by PL 2013, c. 502, Pt. J, §2 and affected by §3, is further amended to read:
Sec. 3. Retroactivity; application. This Act applies retroactively to tax years beginning on or after January 1, 2014.
Under a tax credit that expired January 1, 2014, a taxpayer that qualified for a research expense tax credit was allowed a so-called super credit for qualified research expenses for research conducted in this State. A taxpayer was allowed to carry over any unused credit for the next succeeding 10 years, except that the credit was limited to no more than 25% of the taxpayer's tax due after the allowance of other tax credits.
This bill restores the availability of the super credit, retroactive to January 1, 2014, restricts the carry-over period to 5 years and increases the limit on the credit to no more than 50% of the taxpayer's tax due after the allowance of other tax credits.