§ 5930d - Economic advancement research and development tax credit
§ 5930d. Economic advancement research and development tax credit
(a) A person, upon obtaining the approval of the Vermont economic progress council pursuant to section 5930a of this title, may receive a credit against its income tax liability imposed by this chapter in the amount of ten percent of qualified research and development expenditures undertaken within the state of Vermont in the tax year for which the credit is claimed.
(b) "Qualified research and development expenditures" shall have the same meaning as provided for the term "qualified research expenses" included in the Internal Revenue Code at 26 U.S.C. § 41(b). (Added 1997, No. 71 (Adj. Sess.), § 48, eff. March 11, 1998; amended 2005, No. 184 (Adj. Sess.), § 4, eff. Jan. 1, 2007.)