TECHNOLOGY READINESS GRT CREDIT
What changed between versions
The program's end date was extended from July 1, 2027 to July 1, 2036, allowing national laboratories to continue receiving tax credits for technology readiness assistance for an additional nine years.
The annual aggregate funding cap per national laboratory was increased from $1 million to $5 million, and the phased funding schedule was replaced with a single higher limit that applies to the extended period.
New requirements mandate that national laboratories coordinate with state educational institutions to provide technology readiness assistance and establish a methodology for using these institutions.
New rules require coordination between multiple national laboratories assisting the same business to ensure their combined claims do not exceed the annual funding limits.
New provisions require national laboratories to submit annual reports to the department, economic development department, and legislative committees, detailing program activities, business progress, and economic impact studies.
New definitions were added for 'cooperative research and development agreement,' 'qualified expenditure,' 'state educational institution,' 'technology maturation,' and 'technology readiness assistance' to clarify program requirements.
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