- Any unused research and development tax credit not applied against the business profits tax liability can be used to offset the taxpayer’s business enterprise tax liability
- Applications must be postmarked no later than June 30 following the tax year during which the research and development occurred and a determination on the final amount of the credit awarded to each taxpayer claiming the credit will be made no later than September 30 of each year
How to Obtain the Credit?
Taxpayers can apply for the tax credit on Form DP-165, Research and Development Tax Credit Application, which must be accompanied by information or records required by the Commissioner.
Refundable/Transferable Tax Credit – No
Unused portions of the credit may be carried forward for up to five years.