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TheStreet Open House

North Carolina Technology Development Credit Extended And Renamed As The Research And Development Credit

DALLAS, Aug. 26, 2013 /PRNewswire/ -- Governor Pat McCrory, of North Carolina, signed House Bill 998 (aka Tax Simplification and Reduction Act) into law Tuesday, July 23, 2013. Among other outcomes, the state's Research and Development Credit, formerly known as the Technology Development Credit, has been extended through 2015. Under the Research and Development Credit, North Carolina businesses with qualified research expenses are allowed a credit of up to 35% of the amount of those expenses. The exact rate depends on the circumstances of the taxpayer, the location of the research activity, and the amount of the expenses. This credit is the only remaining research credit offered by the state, as two of the original three credits previously offered by the state were repealed in 2006, when the state's tax incentives were revamped. The credit cannot exceed 50% of the amount of tax against which it is claimed, reduced by the sum of all other tax credits allowed against that tax. Any unused portion may be carried forward for the succeeding 15 taxable years.

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About RyanRyan is an award-winning global tax services firm, with the largest indirect and property tax practices in North America and the seventh largest corporate tax practice in the United States. Headquartered in Dallas, Texas, the Firm provides a comprehensive range of state, local, federal, and international tax advisory and consulting services on a multi-jurisdictional basis, including audit defense, tax recovery, credits and incentives, tax process improvement and automation, tax appeals, tax compliance, and strategic planning. Ryan is a three-time recipient of the International Service Excellence Award from the Customer Service Institute of America (CSIA) for its commitment to world-class client service. Empowered by the dynamic  myRyan work environment, which is widely recognized as the most innovative in the tax services industry, Ryan's multi-disciplinary team of more than 1,600 professionals and associates serves over 9,000 clients in 40 countries, including many of the world's most prominent Global 5000 companies. More information about Ryan can be found at www.ryan.com.

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