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R&D tax credits, also known as the Research and Development credit, enable businesses to potentially receive up to a 30% tax credit on qualified research expenditures that have been incurred within the state of Louisiana. Taxpayers might qualify for the credit if they paid for (or incurred) Qualified Research Expenses.
Qualified Research Activities can include the below. All qualified activities must take place in the state of LA and taxpayers must apply for the research certificate from the LED Secretary before claiming any activity expenses.
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Properly claiming the R&D tax credit can be difficult without the right expertise - That’s where GOAT.tax comes in. Our R&D tax credit software identifies any qualified research expenses your company paid and qualified research activities to ensure you receive the largest refund possible.
These qualified expenses typically include employee compensation, contracted services, and materials. Typical forms needed for proof often include payroll records, detailed financial records, and vendor invoices.
All companies in Louisiana (regardless of industry, size, or revenue) that perform these qualified research activities must satisfy the following criteria of the IRS Four-Part Test as outlined in IRC §41(d):
The LA research credit can be carried forward 5 years.
The credit calculation is based on the number of employees a business has: