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New Jersey and the Research and Development (R&D) Tax Credit
State Credit Name: Taxpayer Credit for Certain Research Activities
Expiration Date: Indefinite
Who Can Apply? Corporations only. New Jersey S-Corporation’s credits are limited to its New Jersey corporation tax liability and pass-through of the credit to the shareholders is not allowed.
Credit Carry Forward: Unused credits can be carried forward 7 years. A taxpayer that has been granted the credit and basic payments have been made for research conducted in New Jersey in the fields of advanced computing, advanced materials, biotechnology, electronic device technology, environmental technology, and medical device technology is allowed to carry the credit forward 15 years.
About the Credit: The credit is equal to 10% of the excess of the QRE’s over the base amount, plus 10% of basic research payments, as determined under IRC Sec. 41. Notes: The credit can offset the entire net income component of the corporation business tax.
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Swanson Reed is one of the only companies in the United States to exclusively focus on R&D tax credit preparation. Swanson Reed’s office location at 100 Horizon Center Boulevard, Hamilton, New Jersey provides R&D tax credit consulting and advisory services to Newark, Jersey City, Paterson, Elizabeth, Edison, Woodbridge, Lakewood, Toms River, Hamilton and Trenton.
If you have any questions or need further assistance, please call or email our local New Jersey Partner on (609) 900-2488.
Feel free to book a quick teleconference with one of our New Jersey R&D tax credit specialists at a time that is convenient for you. Click here for more information about R&D tax credit management and implementation.
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New Jersey Office
Swanson Reed | Specialist R&D Tax Advisors
