Varies
Amount varies
Tax Credit
Reduces tax liability
Rolling
No fixed cutoff
Annual tax return
Claim with year-end filing
Moderate
File with tax return
Business tax credit equal to 10% of qualifying R&D expenditures conducted in West Virginia, with an additional 5% credit for R&D performed in collaboration with WV universities. Nonrefundable with a 10-year carryforward period, helping diversify WV's economy through innovation.
Do I qualify?
Answer the questions below to get an instant self-assessment of your fit for this program. This is informational — final determinations are made by the administering agency.
1.R&D must be conducted in West Virginia
2.Qualifying expenses: same as federal IRC Section 41
3.Credit: 10% of QREs (additional 5% for collaboration with WV universities)
4.Nonrefundable; 10-year carryforward
5.Claim on WV Schedule B
DEED · Minnesota
Credit equal to 25% of investment in certified Minnesota startup companies, available to both individual and corporate investors. Certified businesses must be in technology, new proprietary products/processes, or meet other qualifying criteria. Annual statewide credit cap of $17 million.
ADOR · Arizona
State income tax credit for businesses conducting qualifying R&D activities in Arizona. Credit equals 24% of the first $2.5 million in qualifying expenses and 15% above that threshold, mirroring the federal R&D credit structure.
DCEO · Illinois
Income tax credit of 25% for individual investors in certified Illinois innovative small businesses. The credit encourages investment in high-tech startups in life sciences, manufacturing, technology, and clean energy, with a $2 million maximum credit per taxpayer.