R&D Tax Credit Available:
Yes
Eligible Entities:
C-Corporations, S-Corporations, LLCs, Partnerships
Deadline for Tax Filing:
Due with Maine Tax Return
Data Required to Compute Credit:
- Claim Period Qualified R&D Expenses (QREs)
- QREs for Prior 3 Years
Credit Carryforward:
15 years
R&D Credit Summary:
The Maine research credit equals:
- 5% of the excess qualified research expenses over the previous three-year average; plus
- 7.5% of basic research payments (relating to research performed by qualified universities or scientific research organizations).
Special Notes:
- For corporations, the credit is limited to 100% of the first $25,000 in income tax determined before other credits, plus 75% of the tax amount in excess of $25,000
- The credit cannot be carried back, but can be carried forward for up to 15 years
- "Super Credit" for Substantially Increased R&D Activities was repealed for tax years beginning on or after January 1, 2014