North Carolina S354, the NC Breakthrough Act, reenacts the Research and Development Tax Credit, allowing credits for qualified research expenses.
North Carolina S354, the NC Breakthrough Act, reenacts the Research and Development Tax Credit, allowing credits for qualified research expenses. The credit percentages vary based on the type of research and location, with rates ranging from 1.25% to 35%. To be eligible, taxpayers must meet wage standards, provide health insurance, and avoid certain disqualifying events like final determinations of environmental violations. The act also mandates annual reporting by the Secretary of Environmental Quality and requires taxpayers to maintain records for inspection.
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