Information on the R&D Tax Credit:
The R&D credit is generated from qualified research activities (QRAs) performed within the state. Qualifying activities are defined in Section 41 of the Internal Revenue Code as “a new or improved function, performance, or reliability or quality.”
Process improvement activities include:
- Identifying uncertainty concerning the development or improvement of a business component;
- Identifying one or more alternatives intended to eliminate that uncertainty; and
- Identifying and conducting a process of evaluating the alternatives (e.g., through modeling, simulation, or a systematic trial-and-error methodology).
The R&D Tax Credit is a credit that is available across various industries, such as:
- Food and Beverage
- Oil and Gas
The state of Mississippi does not offer a state research credit at the present time, however, please click here to find out if you qualify for the federal research credit.
Contact your local Swanson Reed office to speak with a representative in your area today.