State Codes and Statutes

Statutes > Connecticut > Title12 > Chap208 > Sec12-217l

      Sec. 12-217l. Tax credit for expenditures for grants to institutions of higher education for research and development related to technological advancements. There shall be allowed as a credit against the tax imposed on any corporation under this chapter, with respect to any taxable year of such corporation commencing on or after January 1, 1994, an amount equal to twenty-five per cent of the amount spent by such corporation for any grant or combination of grants by such corporation to any institution of higher education in Connecticut for purposes of research and development related to advancements in technology which exceeds the average amount spent by such corporation during the three immediately preceding taxable years of such corporation for such grants.

      (P.A. 92-193, S. 5, 8.)

      History: P.A. 92-193 effective July 1, 1992, and applicable to taxable years of corporations commencing on or after January 1, 1994.