State R&D Tax Credits

State R&D Tax Credits


Credit Name: Research and Development Credit

Expiration Date: Tax years beginning before January 1, 2019

Does it apply to C corps and pass-through entities?: Individual, corporation, or pass-through entities

Credit Carry forward: N/A Refundable credit

Description: Refundable income tax credit for qualified research and development expenses paid or incurred during the taxable year.

Other Notes: 15 percent of the first $234,000 or 20 percent of the first $234,000 if the research was conducted in with a VA college or university. $6M allotted for the entire state. If less than $6M in credits is applied for, the remainder will be distributed to filers; if more than $6M is applied for, each entity shall be allocated a pro-rata share.

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