Virginia Form Rdc - Application For Research And Development Expenses Tax Credit Page 5
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5Example of Fiscal Year
5/1/2012 - 4/30/2013
2008
5/1/2008 - 4/30/2009
2009
5/1/2009 - 4/30/2010
2010
5/1/2010 - 4/30/1011
2011
5/1/2011 - 4/30/2012
Computing Virginia Base Amount for 2012
For fiscal year filers: Include expenditures and gross receipts only for months in your fiscal year that are in
the current calendar year.
1a. Virginia Qualified Expenses in 2012
(If fiscal year filer, include expenses for months of fiscal year included in 2012).
1b.
Fiscal Year Filers Only - Enter the number of months from beginning of your fiscal
year to December 31, 2012.
1c.
Fiscal Year Filers Only - divide Line 1b by 12.
2.
Determine Fixed Base Percentage
2a. The Average Virginia Qualified Research and Development Expenses for the 3 taxable years immediately preceding the
taxable year when the expense is incurred.
2009 Expenses
2010 Expenses
2011 Expenses
Total Expenses
Average Qualified Research and Development Expenses
2b. The Taxpayer's Total Gross Receipts for the 3 taxable years immediately preceding the taxable year when the tax credit is
being claimed.
2009 Gross Receipts
2010 Gross Receipts
2011 Gross Receipts
Total Gross Receipts
Average Gross Receipts
2c.
Percentage of Virginia Qualified Research and Development
Expenses - Divide Average Qualified Research and Development
Expenses on Line 2a by Average Gross Receipts on Line 2b.
3.
Determine Virginia Base Amount
3a.
The Taxpayer’s Average Gross Receipts for the 4 taxable years immediately preceding the taxable year when the tax credit
is being claimed.
2008 Gross Receipts
2009 Gross Receipts
2010 Gross Receipts
2011 Gross Receipts
Total Gross Receipts
Average Gross Receipts
3b.
Calendar Year Filers - Multiply Line 2c by Line
3a.
OR
Fiscal Year Filers - Multiply Line 2c by Line 3a. Then multiply the
product by Line 1c.
3c.
Determine the Virginia Base Amount - Enter the greater of the amount on Line 3b
or 50% of Virginia Qualified Expenses in 2012 from Line 1a.
Call 804-786-2992 to request the calculation spreadsheet format for calendar and fiscal year filers.
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