Bill Summary for H 1117 (2011-2012)

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Bill: ENHANCE R&D TAX CREDIT FOR SMALL BUSINESSES.

Summary date: 

May 23 2012

Bill Information:

View NCGA Bill Details2011-2012 Session
House Bill 1117 (Public) Filed Wednesday, May 23, 2012
TO ENHANCE THE TECHNOLOGY DEVELOPMENT TAX CREDITS FOR SMALL BUSINESSES.
Intro. by Wray.

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Bill summary

Amends the definition for small business in GS 105-129.50(10) to include businesses with annual receipts up to $2.5 million (was, up to $1 million). Amends GS 105-129.55(a) to increase the tax credit allowed to small businesses to 5% (was, 3.25%) and the tax credit allowed for university research to 25% (was, 20%). Effective for tax years beginning on or after January 1, 2013.