Research and development tax credit extended

Businesses taking advantage of a research and development tax credit have more time to claim the credit under a bill passed by the Legislature April 2.

Currently all research and development associated with an eligible project must be completed within four years. LB983, as originally introduced by Bellevue Sen. Abbie Cornett, would have removed the time requirement completely.

A Revenue Committee amendment replaced the provision in the original bill to repeal the time requirement and instead places a 20-year deadline for the completion of all research and development.

Senators passed the bill on a 47-0 vote.