Texas Research and Development Tax Credit and Exemption
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Gain a better understanding of the requirements of the sales tax exemption and franchise tax credit.In 2014, the Texas legislature enacted a sales tax exemption and franchise tax credit for businesses engaging in qualified research and development activities. Qualifying taxpayers have the option to choose between the credit or the exemption but cannot take both. Businesses engaged in qualifying contracts with higher education institutions may be eligible for increased credits. This topic will help businesses identify whether they qualify for the qualified research and development credit, what costs qualify, and how to claim the credit or exemption. The material will also discuss taxpayers' requirements in accounting for, reporting, and substantiating the qualifying research and development sales tax exemption or franchise tax credit.
Christina A. Mondrik, Esq., CPA, Mondrik & Associates
Kristie J. Iatrou, Esq., Mondrik & Associates
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