State Credit Name: High Technology B&O Tax Credit for Qualified R&D Expenditures
Expiration Date: January 1, 2015
Who Can Apply? Corporations and flow-through entities
Credit Carry Forward: Carry forward is not allowed because the credit must offset tax due in the year the expense was incurred.
About the Credit: The credit rate is 1.5% of 8% (0.12%) of taxable wages for personnel spending greater than 92% of their time in qualified research. This applies to contractors as well. The credit cannot exceed $2 million.
Notes: Taxpayers must apply for the Washington R&D credit by April 30 of the following year.
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.
Austin, TX 78701
Dallas, TX 75204
Houston, TX 77056