Information on the Nebraska R&D Tax Credit:
The Nebraska 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.”
State Credit Name: Research Tax Credit
Expiration Date: Indefinite
Who Can Apply? Corporations and flow-through entities
Credit Carry Forward: The credit can be carried forward up to 20 years if the taxpayer continues to earn the federal credit.
About the Credit: The credit is 15% of the federal tax credit allowed. The credit may be used to receive a refund of the sales and use tax paid, or as a refundable income tax credit.
Notes: Taxpayers that conduct R&D through a university in Nebraska are allowed a credit equal to 35% of the federal credit, instead of the normal 15%. The tax credit can be carried forward for the next four years if the business continues to earn the federal credit and continues to work through a Nebraska university.
Click here to find out if you qualify for the federal research credit.
Swanson Reed in Nebraska provides R&D tax credit consulting and advisory services to Omaha, Lincoln, Bellevue, Grand Island, Kearney, Fremont, Hastings, Norfolk, North Platte, Papillion, Columbus, La Vista, Scottsbluff, South Sioux City, Beatrice, Lexington, Alliance, York, Nebraska City and Gering.
If you have any questions or need further assistance, please call us on (800) 986 4725.
Feel free to book a quick teleconference with one of R&D tax specialists at a time that is convenient for you, if you would like to learn more about R&D tax credit opportunities.
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R&D Tax Credit Training for NE CPAs
R&D Tax Credit Training for NE CFPs
