State R&D Tax Credits

State R&D Tax Credits

Iowa

Credit Name: Iowa Research Activities Credit

Expiration Date: Unknown

Does it apply to C corps and pass-through entities?: Yes

Credit Carry forward: Refundable, or 1 year carryforward

Description: Two calculation methods available: 1) Regular credit; 6.5% of excess Iowa QREs over a base amount, as defined under section 41. 2) Alternative simplified research credit; 4.55% of Iowa QREs that exceed 50% of the average IA QREs for the 3 preceding tax years.

Eligibility: Taxpayers must claim a federal credit for the same tax year. Also, taxpayers must be engaged in one of the following industries: manufacturing, life sciences, software engineering, aviation & aerospace.

Other Notes: Long list of excluded businesses, such as ag production, architects, retailers, wholesalers

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