| State: |
ME |
| Incentive Type: |
Income/Franchise Tax Incentives and Credits |
| Incentive Title: |
R&D Credits |
| Description: |
1.RESEARCH EXPENSE TAX CREDIT: Income tax credit for qualifying research expenses in excess of a base period amount (average research expenses incurred over the prior three years). Credit equals 5% of qualifed expenses, plus 7.5% of basic research payments to educational institutions and certain qualified research organizations. Limited to first $25,000 of tax plus 75% of tax over $25k per year.
2. SUPER R&D TAX CREDIT: Income tax credit for qualifying research expenses that exceed 150% of a base period amount (average research expenses for the three taxable years prior to Sept. 1997). Credit limited to 50% of net tax due.
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| Eligibility Requirements: |
1. Any business that engages in research and development activities that meet the definitions in IRC Sect. 41.
2. Businesses that qualify for credit #1 and whose qualified research expenses exceed 150% of base amount. |
| Geographic Restrictions: |
Statewide |
| Granting Authority: |
Office of Business Development |
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