Enhancements to Pennsylvania R&D Tax Credit

Recent legislation signed into Pennsylvania law provided for enhancements to the state’s research and development tax credit program.  The amount available was increased from $40 million to $55 million.  Of that amount, $11 million is set aside for small business use, an increase from $8 million in previous years.  This tax credit is available to businesses and individuals performing qualified research in Pennsylvania to encourage businesses in the commonwealth to conduct research, especially research of a technological or scientific nature.  Qualified businesses, including pass-through entities, and individuals may apply the credit against Capital Stock/Foreign Franchise Tax, Corporate Net income Tax and Personal Income Tax.

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