North Carolina R&D Tax Credit Filing Instructions
To claim the Research and Development (R&D) tax credit in North Carolina, eligible businesses must file Form NC-478I, Research and Development with the North Carolina Department of Revenue (NCDOR). This credit, available under Article 3F of the state’s tax laws, provides an incentive for qualified North Carolina research and development expenses. Eligibility criteria often include meeting specific wage standards, providing health insurance for employees, and maintaining good environmental and Occupational Safety and Health Act (OSHA) records. The credit encompasses two main parts: a credit for North Carolina university research expenses and a credit for qualified North Carolina research expenses, which is further categorized into small business, low-tier research, and other research expenses. Businesses should review the detailed instructions for Form NC-478I and relevant state statutes to ensure they meet all current requirements and properly calculate the credit amount.