For Indiana, qualified research expense incurred after December 31, 2009, a taxpayer may choose to have the amount of the research expense tax credit determined as follows rather than under Ind. Code §6-3.1-4-2(c). At the election of the taxpayer, the amount of the taxpayer’s research expense tax credit is equal to 10% of the part of the taxpayer’s Indiana qualified research expense for the taxable year that exceeds 50% of the taxpayer’s average Indiana qualified research expense for the three taxable years preceding the taxable year for which the credit is being determined. However, if the taxpayer did not have Indiana qualified research expense in any one of the three taxable years preceding the taxable year for which the credit is being determined, the amount of the research expense tax credit is equal to 5% of the taxpayer’s Indiana qualified research expense for the taxable year.

How to obtain the credit?
Qualified taxpayers must submit Form IT-20 and enclose it with their annual income tax return.
Refundable/Transferable Tax Credit – No
Carryforward
Applicable to taxable years beginning after December 31, 2005, credits may be carried forward for 10 years.

How to obtain the credit?
Qualified taxpayers must submit Form IT-20 and enclose it with their annual income tax return.
Refundable/Transferable Tax Credit – No
Carryforward
Applicable to taxable years beginning after December 31, 2005, credits may be carried forward for 10 years.