KLS Keeping Law Simple Legislation in plain English

Straight-ahead summaries built from the official bill text. We keep the source links front and center and leave the decision up to you.

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SB00051 • 2026

AN ACT CONCERNING THE RESEARCH AND DEVELOPMENT TAX CREDIT EXCHANGE RATE FOR BIOTECHNOLOGY COMPANIES.

AN ACT CONCERNING THE RESEARCH AND DEVELOPMENT TAX CREDIT EXCHANGE RATE FOR BIOTECHNOLOGY COMPANIES.

Taxes
Passed Legislature

This bill passed both chambers and reached final enrollment, even if later executive action is not shown here.

Sponsor
Sen. Heather S. Somers, 18th Dist.
Last action
2026-02-04
Official status
Referred to Joint Committee on Finance, Revenue and Bonding
Effective date
Not listed

Plain English Breakdown

The official source material does not provide information about the bill's intent to encourage investment, nor does it specify eligibility criteria for biotech companies or potential impacts on state revenue and economy.

Increasing Tax Credit Rate for Biotech Companies

This act changes the research and development tax credit exchange rate to 100% for biotechnology companies.

What This Bill Does

  • Changes the current law about how much of a tax credit biotechnology companies can get for their research and development expenses.
  • Sets the new tax credit exchange rate at 100% specifically for biotech companies.

Who It Names or Affects

  • Biotechnology companies that do research and development work.
  • The state government, which will manage the new tax credit program.

Terms To Know

Research and Development (R&D)
Activities aimed at creating new knowledge or improving existing products and processes through scientific investigation.
Tax Credit
A reduction in the amount of tax a company has to pay based on certain activities, like spending money on research.

Limits and Unknowns

  • The bill does not specify how many biotechnology companies will be eligible for this new rate.
  • It is unclear what impact this change will have on state revenue or the economy.

Bill History

  1. 2026-02-04 Connecticut General Assembly

    Referred to Joint Committee on Finance, Revenue and Bonding

Official Summary Text

To increase the research and development tax credit exchange rate under section 12-217ee of the general statutes to one hundred per cent for biotechnology companies.

Current Bill Text

Read the full stored bill text 
LCO No. 325 1 of 1

General Assembly Proposed Bill No. 51
February Session, 2026 LCO No. 325

Referred to Committee on FINANCE, REVENUE AND
BONDING

Introduced by:
SEN. SOMERS, 18th Dist.

AN ACT CONCERNING THE RESEARCH AND DEVELOPMENT TAX
CREDIT EXCHANGE RATE FOR BIOTECHNOLOGY COMPANIES.
Be it enacted by the Senate and House of Representatives in General
Assembly convened:

That section 12-217ee of the general statutes be amended to increase 1
the research and development tax credit exchange rate to one hundred 2
per cent for biotechnology companies. 3
Statement of Purpose:
To increase the research and development tax credit exchange rate
under section 12-217ee of the general statutes to one hundred per cent
for biotechnology companies.