Innovation Fund Tax Credits, which will be available until June 30, 2028, are allowed against income, corporate, and franchise taxes. A tax credit shall be allowed against certain taxes for up to 25% of a taxpayer’s cash equity investment in a board certified innovation fund. Additionally, the fund is organized for the purposes of making investments in promising early-stage companies which have a principal place of business in the state. Eligible businesses are those that apply novel or original methods to product manufacturing or the delivery of a service, including the advanced manufacturing and biosciences industries. Given the cutting-edge nature of some renewable thermal technologies, it is plausible that a novel technology could qualify for these tax credits.
