Bill
Number: S.B. 1245
Kerr Floor Amendment
Reference to: APPROPRIATIONS Committee amendment
Amendment drafted by: Leg Council
FLOOR AMENDMENT EXPLANATION
1. Extends the Credit for Qualified Facilities and associated deadlines for two additional years.
2. Prohibits an international operation center (IOC) that is initially certified after December 31, 2018, from claiming the Credit for Renewable Energy Investment and Production for Self-Consumption by IOCs of $5 million per year for five years for each renewable energy facility.
3. Removes the 10-year extension of the timeframe in which the Credit for Renewable Energy Investment and Production for Self-Consumption by IOCs may be claimed.
4. Maintains the current rates of the Research and Development Credit computation for an additional two years and delays the rate modification for two additional years.
5. Reduces, from 15 consecutive taxable years to 10 consecutive taxable years beginning January 1, 2022, the number of years the amount of a Research and Development Credit claimed and not used to offset taxes may be carried forward, if the allowable credit exceeds the taxes due.
6. Allows qualified research expenses that have been converted into a Research and Development Credit carryforward, for taxable years beginning January 1, 2022, to be carried forward to not more than 10 years from the year in which the expenses were incurred.