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§ 8703-B. Credit for research and development expenses

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 72 P.S. Taxation and Fiscal AffairsEffective: July 30, 2021

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 72 P.S. Taxation and Fiscal Affairs
Chapter 5. Tax Reform Code of 1971 (Refs & Annos)
Article XVII-B. Research and Development Tax Credit (Refs & Annos)
Effective: July 30, 2021
72 P.S. § 8703-B
§ 8703-B. Credit for research and development expenses
Currentness
(a) A taxpayer who incurs Pennsylvania qualified research and development expense in a taxable year may apply for a research and development tax credit as provided in this article. By December 1, a taxpayer must submit an application to the department for Pennsylvania qualified research and development expense incurred in the taxable year that ended in the prior calendar year.
(b) The following apply:
(1) Except as provided in paragraph (2), a taxpayer that is qualified under subsection (a) shall receive a research and development tax credit for the taxable year in the amount of ten per cent of the excess of the taxpayer's total Pennsylvania qualified research and development expense for the taxable year over the taxpayer's Pennsylvania base amount.
(2) A taxpayer that is a small business and is qualified under subsection (a) shall receive a research and development tax credit for the taxable year in the amount of twenty per cent of the excess of the taxpayer's total Pennsylvania qualified research and development expense for the taxable year over the taxpayer's Pennsylvania base amount.
(c) By May 1 of the second calendar year following the close of the taxable year during which the Pennsylvania qualified research and development expense was incurred, the department shall notify the taxpayer of the amount of the taxpayer's research and development tax credit approved by the department.

Credits

1971, March 4, P.L. 6, No. 2, art. XVII-B, § 1703-B, added 1997, May 7, P.L. 85, No. 7, § 24, effective July 1, 1997. Amended 2006, July 12, P.L. 1137, No. 116, § 3, imd. effective; 2021, June 30, P.L. 124, No. 25, § 14, effective in 30 days [July 30, 2021].
72 P.S. § 8703-B, PA ST 72 P.S. § 8703-B
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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