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Idaho provides a Credit for Idaho Research Activities using Idaho Form 67 for certain qualified research expenses (QREs) incurred in Idaho. The Idaho research credit is limited to the Idaho income tax after allowing all other tax credits that can be claimed before it.
The Idaho research credit conforms to the Internal Revenue Code (IRC) Section 41 definitions of QREs except that only the amounts related to research conducted in Idaho qualify for the Idaho research credit. In general, in order for an activity to qualify for the research credit, "qualified research" must meet all four of these criteria:
Qualified research involves only technological activities and doesn't include research in economics, business management, behavioral sciences, arts, or humanities.
Gross receipt calculations include only those gross receipts that are attributable to Idaho using the multistate corporation apportionment rules. These are referred to in the instructions as Idaho gross receipts.
The Idaho credit doesn't include the calculation of the alternative simplified credit, which is allowed in computing the federal credit.
Calculated in the same method as the federal regular credit, the Idaho credit equals 5% of the QREs in excess of the base amount (Fixed Base Percentage x 4 Prior Years' Average Annual Gross Receipts).
R&D Tax Credit Available:
C-Corporation, S-Corporations, LLCs, Partnerships
Deadline for Tax Filing:
Due with Idaho Tax Return
Data Required to Compute Credit:
Claim Period Idaho Qualified R&D Expenses (QREs)
What Information is needed?
Gross Receipts for Prior 4 Years