1. Massachusetts General Laws (MGL) Chapter 63, $\S 38M$
  2. Massachusetts Department of Revenue (DOR)
  3. Massachusetts Corporate Excise Tax (M.G.L. c. 63)
  4. Qualified Research Expenses (QREs) in Massachusetts
  5. Massachusetts Qualified Research Base Amount
  6. Fixed-Base Ratio (M.G.L. c. $63, \S 38M(a)$)
  7. Average Annual Gross Receipts (4 preceding tax years)
  8. Credit Percentage (10% of Excess QREs)
  9. Basic Research Payments (BRP)
  10. BRP Credit Percentage (15% of BRP)
  11. Internal Revenue Code (IRC) $\S 41$
  12. IRC $\S 41$ as in effect on August 12, 1991 (Traditional Method)
  13. IRC $\S 41$ as in effect on January 1, 2014 (Alternative Method)
  14. Regular Method (for Credit Calculation)
  15. Alternative Simplified Credit (ASC) (M.G.L. c. $63, \S 38M(b)$)
  16. ASC Calculation: $50\%$ of Average QREs (3 prior years)
  17. Nonrefundable Credit
  18. Carryover Period (15 Taxable Years for unused)
  19. Indefinite Carryover (for credits disallowed by $\S 38M(d)$)
  20. Liability Cap ($\$25,000$ plus $75\%$ of excess excise)
  21. Minimum Tax ($\$456$ or other statutory minimum)
  22. Schedule RC (Research Credit Form)
  23. S Corporation (Credit applies at entity level)
  24. Pass-Through Entities (PTEs)
  25. Aggregated Group (Controlled Group/Common Control)
  26. 830 CMR $63.38M.1$ (Massachusetts Research Credit Regulation)
  27. Defense Related Activities (Expanded Definition)
  28. Qualified Research Activity (must be conducted in Massachusetts)
  29. Wages for Qualified Services (Performed in Massachusetts)
  30. Supplies Used or Consumed (in Massachusetts)
  31. Contract Research Expenses (Prorated in Massachusetts)
  32. Technical Information Release (TIR) (DOR Guidance)
  33. Combined Reporting (M.G.L. c. $63, \S 32B$)
  34. Credit Generated by an Individual Member Corporation
  35. Excise Attributable to That Company (for Combined Return)
  36. Excess Research and Development Credit (Transfer between members)
  37. Life Sciences Center (MLSC) Tax Incentive Program
  38. Certified Life Sciences Company
  39. MGL c. $63, \S 38W$ (Life Sciences Research Credit)
  40. Life Sciences Refundable $\S 38M$ Research Tax Credit
  41. $90\%$ of Balance (Refundable Portion Limit)
  42. Qualifying Health Insurance Premium Expenditure Credit
  43. MGL c. $63, \S 38SS$ (Climatetech Tax Incentive Program R&D)
  44. Climatetech Tax Incentive Program
  45. Election of ASC (Longer-term choice)
  46. Fixed-Base Ratio (Maximum Limit 16%)
  47. Corporate Excise Due (Before Credits)
  48. Tangible Property Used in Manufacturing (Related Chapter 63 Term)
  49. Qualified Services (IRC $\S 41(b)(2)(B)$)
  50. Taxpayer Not Eligible to Compute Under $\S 38M(a)$