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SB 51

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

2026 Regular Session Introduced by Heather Somers

SB 51 increases the R&D tax credit exchange rate for Connecticut biotechnology companies to boost sector competitiveness and investment, potentially reducing state tax revenue.

REF. TO JOINT COMM. ON Finance, Revenue and Bonding
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Bill Summary · SB 51

Legislative bill overview

SB 51 modifies Connecticut's research and development (R&D) tax credit program specifically for biotechnology companies by adjusting the exchange rate at which companies can convert or claim these credits. The bill targets the state's biotechnology sector to potentially increase the value or accessibility of existing R&D tax incentives for firms in this industry.

Why is this important

Connecticut's biotechnology sector is a significant economic driver, and R&D tax credits are key incentives that influence business investment and job creation in high-value industries. Adjusting the credit exchange rate could make Connecticut more competitive in attracting or retaining biotech companies compared to other states, but it also affects state tax revenue that funds public services.

Potential points of contention

  • Fiscal impact: Increasing the credit exchange rate reduces state tax revenue; opponents will debate whether the economic growth justifies the budgetary cost, especially given Connecticut's existing fiscal constraints
  • Equity across sectors: Providing enhanced incentives specifically to biotechnology may be criticized as unfair preference, raising questions about why other research-intensive industries (pharmaceuticals, advanced manufacturing, cleantech) deserve less favorable treatment
  • Effectiveness and accountability: Critics may question whether the credit exchange rate is the limiting factor for biotech growth in Connecticut, or whether targeted subsidies represent the best use of public resources compared to workforce development or infrastructure investment

Compiled from official sources — confirm details with the bill’s official record.

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