Research and Development Skills Tax Credit
Research and Development Skills Tax Credits are credits equal to $1,000 per employee per year for a five year period and can be used to reduce an eligible entity’s income tax liability. These credits are available for any position requiring research or development skills. There is no minimum number of positions that must be created to qualify for this credit.
Program Facts
To qualify for the Research and Development Skills Tax Credit, the position must be engaged in research and development activities. Qualification of jobs for this credit must require, at a minimum, a Bachelor’s degree in a scientific or technical field of study from an accredited four year college or university, employment in the employee’s area of expertise, and compensation at a professional level.
The credit is awarded in the amount of $1,000 per full-time employee per year for a five year period.
These credits can be in addition to Jobs Tax Credits and the combination can be used to offset up to fifty percent of the entity’s state income tax liability. Any unused credits can be carried forward up to five years.
Research and Development Skills Tax Credits are awarded and administered by the Mississippi State Tax Commission.
Research and Development Skills Tax Credits are credits equal to $1,000 per employee per year for a five year period and can be used to reduce an eligible entity’s income tax liability. These credits are available for any position requiring research or development skills. There is no minimum number of positions that must be created to qualify for this credit.
Program Facts
To qualify for the Research and Development Skills Tax Credit, the position must be engaged in research and development activities. Qualification of jobs for this credit must require, at a minimum, a Bachelor’s degree in a scientific or technical field of study from an accredited four year college or university, employment in the employee’s area of expertise, and compensation at a professional level.
The credit is awarded in the amount of $1,000 per full-time employee per year for a five year period.
These credits can be in addition to Jobs Tax Credits and the combination can be used to offset up to fifty percent of the entity’s state income tax liability. Any unused credits can be carried forward up to five years.
Research and Development Skills Tax Credits are awarded and administered by the Mississippi State Tax Commission.
Mississippi Delta Developers Association • Frank Howell • PO Box 257 • Stoneville , MS 38776 • info@mdda.us • 662-686-3365
