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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