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Texas Passes R&D Tax Credit
On October 1, Texas will begin offering a tax credit for business research and development expenditures. The new law, Texas Senate Bill 441, provides Texas corporations with a franchise tax credit equal to five percent of eligible R&D expenses for up to 50 percent of a company’s total franchise tax liability. Unused portions may be carried forward for up to 20 years.
To be eligible for the credit, R&D expenditures must occur within a Texas Strategic Investment Area, which include: counties with unemployment rates above the state average and per capita income below the state average; or federally designated urban enterprise communities or urban enhanced enterprise communities.
Senate Bill 441 requires the state comptroller to prepare a biennial report on the impact of the R&D tax credit.
A copy of the bill can be viewed on the Texas Legislature website: http://www.capitol.state.tx.us/
Texas