The State Duma, the Russian parliament, is considering amendments which would establish new rules for signing Special Investment Contracts (“SICs 2.0”) between the government and private investors, the U.S.-Russia Business Council reported, citing documents from a State Duma website.

Special Investment Contracts, which were introduced in 2015, provide benefits and stable regulatory conditions to investors that build or modernize manufacturing facilities. The new 2.0 amendments would extend the maximum contract term from 10 to 20 years, abolish the minimum investment requirement, and make the profit tax exemption applicable for a project’s duration.

The amendments would prioritize innovation through a requirement for investors to develop or implement new technologies that would be identified in a separate government decree. The amendments include a new investor selection process based on project timeframes, planned production volumes, and localization levels. (Specific selection criteria would be established by a government decree.)

The new amendments aim to attract more investors for Special Investment Contracts by expanding tax benefits and easing restrictions.