AN ACT CONCERNING RESEARCH AND DEVELOPMENT TAX CREDITS FOR BIOTECHNOLOGY COMPANIES.

SB 736 increases tax credits for biotech companies by raising the R&D credit exchange rate to 100% (from a lower rate) and removing the cap on how much credit they can use. It also creates a new credit specifically for R&D expenses incurred by biotech businesses structured as partnerships or S-corps (pass-through entities). This bill directly affects biotechnology companies and their pass-through business structures in the state. The changes aim to enhance financial support for R&D activities within the biotech sector.