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STATE
Research and Development Tax Credit
Provides South Carolina tax credits equal to 5% of qualified research expenses.
About this program
South Carolina's Research and Development Tax Credit rewards companies for increasing research and development activity in a taxable year. The credit equals 5% of the taxpayer's qualified research expenses as defined under Internal Revenue Code Section 41 and may be carried forward for up to 10 years if unused.
Eligibility
Eligible applicants are South Carolina taxpayers with qualified research expenses as defined under Internal Revenue Code Section 41.
Requirements
- Taxpayer must incur qualified research expenses.
- Qualified research expenses must meet Internal Revenue Code Section 41 definitions.
- Credit equals 5% of qualified research expenses.