State Credit Name: Credit for Qualified Research Expenses
Expiration Date: Permanent
Who Can Apply? Corporations and flow-through entities
Credit Carry Forward: Unused credit can be carried forward for 7 years.
About the Credit: The credit rate is 22.5% for QRE’s up to $111,111 and 16.9% for the remaining QRE’s, which exceed the base period expenses. QRE’s and base period expenses are defined the same as for the federal credit in IRC Section 41.
Notes: The credit is applied to 50% of the tax due after all other credits available have been applied.
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.