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Texas Passes R&D Tax Credit

On October 1, Texas will begin offering a tax credit for business research and development expenditures. The new law, Texas Senate Bill 441, provides Texas corporations with a franchise tax credit equal to five percent of eligible R&D expenses for up to 50 percent of a company’s total franchise tax liability. Unused portions may be carried forward for up to 20 years.

To be eligible for the credit, R&D expenditures must occur within a Texas Strategic Investment Area, which include: counties with unemployment rates above the state average and per capita income below the state average; or federally designated urban enterprise communities or urban enhanced enterprise communities. Senate Bill 441 requires the state comptroller to prepare a biennial report on the impact of the R&D tax credit.

A copy of the bill can be viewed on the Texas Legislature website: http://www.capitol.state.tx.us/

Texas Unveils Science & Technology Strategic Plan

Texas' Science and Technology Council recently released a science and technology strategic plan. The Council's vision is to make Texas the nation's leader in science and technology in the 21st century. The plan's premise is that technology is the economic force driving much of the state's current wealth and job creation. The report develops a series of recommendations with the intent of developing the research capacity and human resources Texas will need to ensure economic prosperity in the next century.

Texas Creates S&T Council

Last month, Governor George W. Bush issued an Executive Order that created the Texas Science and Technology Council. The mission of the 21 member board is to "research, develop, and report to the Governor the means available to the State of Texas to become the national leader in science and technology cooperation, development, and research."

Among other activities the Council will: 1) review and recommend policies to increase the amount of research conducted by state colleges, state universities and the private sector; 2) propose state policies and actions that promote technology development and transfer in Texas; 3) analyze and propose state policies that encourage availability and accessibility of venture capital and commercial lending; 4) study and make recommendations on any issues that relate to improving the state's competitive position in science, R&D, and advanced technology development.