Vermont Statutes Title 32 Sec. 5930ii
Terms Used In Vermont Statutes Title 32 Sec. 5930ii
- Department: means the Vermont Department of Taxes. See
- State: when applied to the different parts of the United States may apply to the District of Columbia and any territory and the Commonwealth of Puerto Rico. See
- Taxable year: means the calendar year, or the fiscal year ending during the calendar year, with respect to which a tax is imposed under this chapter and, in the case of a return filed with respect to a fractional part of a year, the period with respect to which the return is filed. See
- Taxpayer: means a person obligated to file a return with or pay or remit any amount to this State under this chapter. See
§ 5930ii. Research and development tax credit
(a) A taxpayer of this State shall be eligible for a credit against the tax imposed under this chapter in an amount equal to 27 percent of the amount of the federal tax credit allowed in the taxable year for eligible research and development expenditures under 26 U.S.C. § 41(a) that are made within this State.
(b) Any unused credit available under subsection (a) of this section may be carried forward for up to 10 years.
(c) Each year, on or before January 15, the Department of Taxes shall publish a list containing the names of the taxpayers who have claimed a credit under this section during the most recent completed calendar year. (Added 2009, No. 2 (Sp. Sess.), § 22; amended 2013, No. 174 (Adj. Sess.), § 37, eff. Jan. 1, 2014.)