Idaho R&D Tax Credit Filing Instructions

To claim the Research and Development (R&D) tax credit in Idaho, businesses must engage in qualifying research activities conducted within the state. The Idaho R&D tax credit is largely based on federal Section 41 rules, but importantly, it only applies to research expenses incurred in Idaho. The credit is calculated as 5% of the excess of qualified research expenditures (QREs) over a predetermined base amount, which is derived using the taxpayer’s average annual gross receipts from the previous four years attributable to Idaho. This credit is non-refundable and can be carried forward for up to 14 years to offset future Idaho income tax liabilities. To make the claim, businesses must complete and submit Form 67, Credit for Idaho Research Activities, along with their annual Idaho income tax return. Additionally, accurate records and documentation detailing eligible expenses and research activities must be maintained for verification.

Idaho Patent of the Year – 2024/2025

Purdy Enterprises Inc. has been awarded the 2024/2025 Patent of the Year for its innovative pump priming system. Their invention, detailed in U.S. Patent No. 12104612, titled ‘Systems and methods for maintaining the prime of a pump’, introduces a novel approach to preserving pump efficiency and reliability.

This patented system features a bypass line with a control valve that allows fluid to flow from the discharge line back to the suction line when the pump is not operating. A pressure tank positioned on the discharge side of the valve ensures that the suction line remains primed, preventing air from entering the pump during startup. This design reduces the risk of pump cavitation and enhances operational readiness.

Equipped with a flow meter and pressure gauge, the system monitors fluid movement and pressure levels, providing real-time data to operators. The controller can generate alerts if fluid flow deviates from predefined thresholds, enabling proactive maintenance and reducing downtime.

Purdy Enterprises’ innovation addresses a critical challenge in fluid handling systems, particularly in applications where consistent pump performance is essential. By maintaining the prime of the pump, this technology not only improves efficiency but also extends equipment lifespan, offering significant operational and economic benefits.