Form Rdc - Application For Research And Development Expenses Tax Credit - 2016 Page 8
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9Definitions
Where to Submit Application
“Virginia gross receipts” means the whole, entire, total receipts,
Submit Form RDC and attachments to the Department of Taxation,
without deduction.
ATTN: Tax Credit Unit, P.O. Box 715, Richmond, VA 23218-0715
or fax it to (804) 774-3902
“Virginia qualified research” means qualified research, as defined
in IRC § 41(d), as amended, that is conducted in Virginia. In
What to Expect from the Department
general, this is research that is undertaken for the purpose of
If the Department needs additional information the agency will
discovering information that is technological in nature and the
contact you by September 1 and you will have until September
application of which is intended to be useful in the development of
15 to respond. If you have not received acknowledgement of your
a new or improved business component of the taxpayer.
application by September 15, call (804) 786-2992.
“Virginia qualified research and development expenses” means
The Department will issue the credit by September 30. If you
qualified research expenses, as defined in IRC § 41(b), as
have not received your credit certification by October 15, call
amended, incurred for Virginia qualified research. In general, this
(804) 786-2992.
is the sum of the in-house research expenses and the contract
What Does the Taxpayer Need to Do
research expenses.
Upon receiving notification of the allowable credit amount, taxpayers
Stem Cell Research
may claim the allowable credit amount on the applicable Virginia
Research and development expenses that are paid or incurred for
income tax return. Taxpayers who do not receive notification of
research conducted in Virginia on human cells or tissue derived
allowable credit amounts before their Virginia income tax return
from induced abortions or from stem cells obtained from embryos
due date may file during the extension period or file their regular
do not qualify for the credit. However, if a taxpayer engaged in
return without the credit and then file an amended tax return after
research in Virginia on human cells or tissue derived from induced
receipt of notification of the allowable credit amount to claim the tax
abortions or from stem cells obtained from human embryos, it may
credit. As an attachment to their return, a corporation must file Form
receive a nonrefundable credit for other Virginia qualified research
500CR; an individual must file Schedule CR; and a pass-through
and development expenses.
If the amount of nonrefundable
entity must file Form 502ADJ.
credit that a taxpayer is allowed to claim exceeds the taxpayer’s
IMPORTANT
tax liability for the taxable year, then the excess amount of credit
will not be refunded to the taxpayer and cannot be carried over
Online Worksheet: A spreadsheet template is available for
to future taxable years. Research and development expenses
download on our website, Use this
that are paid or incurred for research conducted in Virginia on
spreadsheet to compute the Virginia Base Amount when using
nonhuman embryonic stem cells may qualify for the credit.
the primary calculation method to compute the Research and
Development Expenses Tax Credit.
When to Submit Application
All business taxpayers should be registered with the Department
Form RDC and any supporting documentation must be completed
before completing Form RDC. If you are not registered, complete
and mailed no later than July 1.
Form R-1.
For any application received without a postmark, the date received
If the tax return upon which this credit will be claimed is due on or
by the Department will be used to determine if the application was
before September 30, you may need to either submit an extension
received by the filing deadline.
payment for any tax due or file an amended return once you have
What to Attach
received the credit certification.
To allow us to process this application, provide the following:
Pass-Through Entities
•
Outline of the type of research and development being
Effective for taxable years beginning on or after January 1, 2014,
conducted in Virginia.
a partnership, limited liability company, or electing small business
•
Details regarding the qualified contractors:
corporation (S corporation) may elect to receive and claim the
credit at the entity level. If this election is not made, credits must
1.
Location where research was conducted
be allocated to the individual partners, members, or shareholders
2.
Length of time spent on project
in proportion to their ownership interests in such entities or in
accordance with a written agreement entered into by such individual
3.
Type of research conducted
partners, members, or shareholders.
4.
Payroll expenses
In order to allocate the credit to the partners, shareholders, or
5.
Total qualified expenses
members, each pass-through entity must file Form PTE with
the Department within 30 days after the credit is granted. This
•
Attach a copy of the research agreement if reporting expenses
information should be sent to: Department of Taxation, ATTN: Tax
in connection with the Virginia public or private college or
Credit Unit, P.O. Box 715, Richmond, VA 23218-0715 or you may
university.
fax it to (804) 774-3902. Please do not do both.
•
All applicants must complete and attach Schedule A. If claiming
All pass-through entities distributing this credit to their
the Research and Development Credit on the basis of qualified
owner(s), shareholders, partners or members must give each a
wages, be sure to complete Section 2 of the Schedule A in
Schedule VK-1, Owner’s Share of Income and Virginia Modifications
addition to Section 1. Copies of Schedule A can be submitted
and Credits.
if additional space is needed. You must retain a copy of any
supporting documentation of these expenditures.
Where To Get Help
Upon request, you may be required to provide proof of purchase,
Write to the Department of Taxation, ATTN: Tax Credit Unit,
such as an invoice, receipt, cancelled check, bank statement, or
P.O. Box 715, Richmond, VA 23218-0715 or call (804) 786-2992.
credit card statement.
Page 8
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