SB 1365 – Authorizes an income tax deduction for certain research expenses

• Sponsor: Fitzwater
• LR Number: 5287S.01I
• Committee: Economic Development and Tax Policy
• Last Action: 4/22/2024 - Voted Do Pass S Economic Development and Tax Policy Committee
• Effective Date: August 28, 2024

Current Bill Summary

SB 1365 - Federal law requires taxpayers to amortize the deduction for research and experimental expenses over a period of years. This act allows a taxpayer to deduct the full amount of such expenses for the taxpayer's state income taxes during the tax year in which they were incurred.

This act is identical to HB 2457 (2024) and to a provision in HCS/HB 1427 (2024).

JOSH NORBERG

Amendments

No Amendments Found.