Technology Jobs (Additional) Tax Credit.
The Technology Jobs Tax Credit is 4% of qualified expenditures for conducting research and development. An additional 4% credit is available if the taxpayer increases its annual payroll by at least $75,000 for every $1 million in qualified expenditures it claims in a tax year. The basic and additional credits double for businesses in rural areas.
The taxpayer must make the eligible expenditures for research and development at a qualified facility. For a list of qualified expenditures, see the instructions for Application for Technology Jobs Tax Credit, RPD-41239.
The holder of the Technology Jobs Tax Credit document may apply all or part of the credit against the holder's combined state gross receipts, compensating and withholding taxes. If you have earned additional credits, you may claim that amount on personal or corporate income taxes. When claiming the credit against your personal income tax, indicate the amount of the credit you wish applied to your liability.
To apply for the basic and additional credit, complete Form RPD-41239, Application for Technology Jobs Tax Credit, and send it along with documentation of the expenditures and payroll increase to the address on the form.
To claim an approved technology jobs tax credit, complete Form RPD-41244, Technology Jobs Tax Credit Claim Form and submit it with your Form PIT-1.
For assistance claiming the credit, call TRD at (505) 476-3683.