1. Research Activities Credit (RAC)
  2. Iowa Code $\S 422.33(5)$ (Corporate Tax)
  3. Iowa Code $\S 422.10$ (Individual Tax)
  4. Iowa Department of Revenue (IDOR)
  5. Qualified Research Expenses (QREs) in Iowa
  6. Internal Revenue Code (IRC) $\S 41$
  7. Federal Alignment (Claiming IRC $\S 41$ Credit)
  8. Base Amount (for Regular Credit)
  9. Fixed-Base Percentage
  10. Average Annual Gross Receipts (4 Preceding Years)
  11. Incremental Research Expenditures
  12. Regular Credit Method (6.5% Rate)
  13. Alternative Simplified Credit (ASC)
  14. ASC Rate (4.55% of excess QREs)
  15. Basic Research Payments
  16. Iowa Apportioned Share
  17. Supplemental Research Activities Tax Credit
  18. Iowa Economic Development Authority (IEDA)
  19. High Quality Jobs (HQJ) Program
  20. Enterprise Zone (EZ) Program (Prior Supplemental Credit Source)
  21. Refundable Credit (Subject to Phase-Down Limits)
  22. Refundable Portion Percentage (e.g., 80% for 2024)
  23. Unused Credit (Credited to Following Year)
  24. No Carryforward (for refundable excess)
  25. Tax Credit Certificate Number (for Supplemental Credit)
  26. Schedule IA 128 (Regular Credit Form)
  27. Schedule IA 128S (Alternative Simplified Credit Form)
  28. Pass-Through Entity (PTE)
  29. Pro Rata Share of Earnings (PTE Allocation)
  30. Wages for Qualified Services (in Iowa)
  31. Cost of Supplies (Phase-Out Limitation)
  32. Supplies Phase-Out Percentage (e.g., 60% for 2024)
  33. Rental/Lease Cost of Personal Property (Disallowed Post-2022)
  34. Contract Research Expenses (65% in Iowa)
  35. Qualified Research (IRC $\S 41(d)$ Four-Part Test)
  36. Technological in Nature
  37. Elimination of Uncertainty
  38. Process of Experimentation
  39. Substantially All Rule (Disallowed Post-2022)
  40. New or Improved Business Component
  41. Manufacturing (Qualifying Industry)
  42. Life Sciences (Qualifying Industry)
  43. Agriscience (Qualifying Industry)
  44. Software Engineering (Qualifying Industry)
  45. Aviation or Aerospace (Qualifying Industry)
  46. Ineligible Businesses (e.g., Retailer, Wholesaler)
  47. Annual Gross Revenue Threshold ($20 Million for Supplemental Rate)
  48. Renewable Energy Components Research Activities Credit
  49. Senate File 657 (Future Repeal Legislation)
  50. Taxable Year