On February 23,2023, the Arizona Senate Appropriations gave a Do Pass Recommendation to SB1562 which updates and expands Arizona’s R&D Tax Credit program.
SB1562 Authorizes the Arizona Commerce Authority (ACA) to review and approve a portion of a taxpayer’s unused balance of the nonrefundable portion of the Research and Development Credit (R&D Credit) for reinvestment and caps, at $50,000,000 in a fiscal year, the total amount of the unused balance of income tax credits (unused credits) the ACA may approve for reinvestment.
Appropriates $50,075,000 from the state General Fund (state GF) in FY 2024 to the ACA for unused credit reinvestment implementation and administration and outlines unused credit reinvestment requirements. Increases the aggregate annual cap, from $5,000,000 to $10,000,000, on the refundable portion of the R&D Credit.
Community Input on SB1562: research; development; tax credits
To view the community input in SB1562, click here and then use the RTS/Current Bill Positions tab to see input from people who are engaging in the legislative process.
The Importance of Engagement
Once you are set up in the system, using the Request to Speak System (RTS) is an effective way to let our elected leaders know what is important to you. Our legislators review the RTS system as they make their decisions on the prospective laws and investments that affect all Arizonans.
Need help using RTS? AZBio can help. Contact us.