Virginia R&D Tax Credit Summary

R&D Tax Credit Available

Yes

STATE

Virginia

NAME

Research and Development Expenses Tax Credit

DOES IT APPLY TO C-CORPS & PASS THROUGHS?

Yes

DESCRIPTION

Refundable credit with similar definition to federal for Qualified Research Expenses and Qualified Research Activities, except only include Virginia-based expenses.

PERCENTAGE

15% on first $300,000 of expenses over a base amount. Limited to $45,000.