A tax credit provided pursuant to the Laboratory Partnership with Small Business Tax Credit Act shall be in an amount equal to the qualified expenditure incurred by the national laboratory to provide small business assistance to a specific small business, not to exceed twenty thousand dollars ($20,000) for each small business for which small business assistance is rendered in a calendar year or forty thousand dollars ($40,000) if the small business assistance was provided to a small business located in a rural area.

History: Laws 2000 (2nd S.S.), ch. 20, § 7; 2007, ch. 172, § 17; 2019, ch. 64, § 3.

The 2019 amendment, effective July 1, 2019, increased the maximum tax credit amounts for assisting a small business from ten thousand dollars ($10,000) to twenty thousand dollars ($20,000) for assisting businesses in urban areas and from twenty thousand dollars ($20,000) to forty thousand dollars ($40,000) for assisting businesses in rural areas; and after "not to exceed", deleted "ten thousand dollars ($10,000)" and added "twenty thousand dollars ($20,000), after "for each small business", deleted "located outside of a rural area", after "rendered in a calendar year or", deleted "twenty thousand dollars ($20,000)" and added "forty thousand dollars ($40,000)".

The 2007 amendment, effective July 1, 2007, increased the maximum credit from $5,000 to $10,000 for assistance to a specific small business outside a rural area and from $10,000 to $20,000 for assistance to a small business located in a rural area.