Minnesota R&D Tax Credit – Update

Minnesota – R&D tax credit 2015 – Minnesota R&D tax credit form has been updated for tax year 2015. Form RD is attached to corporate and partnership returns to claim the R&D tax credit in Minnesota. On page 2 of the form, the state now requests information on whether a company was assisted in the preparation of the tax credit and whether an R&D study was performed. Further, completing Form RD requires the company claiming the credit to list the name of the individual that assisted them in addition to the assisting individual’s title, company, and phone number. The form also requires the company to check a box showing how qualified wages, supplies, and contract research were calculated from the following options: “review of contemporaneous records”, “estimation”, or a combination of the two. The changes to Form RD clearly show that the Minnesota Department of Revenue is collecting information on providers of R&D tax credit services. Thus, it is important that a company seek out a reputable firm when searching for an R&D tax credit provider.

 

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