An Act relative to the creation of a super research and development tax credit

This bill creates a new tax incentive for businesses in Massachusetts that conduct research within the state. It allows eligible companies to claim an additional tax credit equal to the amount their current research spending exceeds a specific baseline, which is calculated as their average research expenses over the previous five years plus 50%. The credit is capped at 50% of the taxpayer's tax liability and can be carried forward for up to five years if not fully used. Furthermore, the legislation ensures that a company's tax bill cannot be reduced below the amount it paid in the prior year, and it outlines how these credits are applied within corporate groups filing combined returns.