Research & Development Property Credit

A taxpayer is allowed a 10% tax credit for expenditures paid or incurred for the construction, reconstruction or acquisition of any property which is principally used or to be used for research and development in the experimental or laboratory sense. Leased property is not eligible. The property must be depreciable and have a useful life of 3 years or more. The credit is available to corporations, sole proprietors or passed through from partnerships, joint ventures or subchapter S corporations. Unused credit may be carried forward for up to seven years.

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