VATupdate

Revised R&D rules for sales tax exemption or franchise tax credit purposes (Texas)

Taxpayers may claim either a sales tax exemption or a franchise tax credit for qualifying research expenses that occur in Texas. A revised version of 34 TAC §3.599—addressing the franchise tax research and development (R&D) activities tax credit—and a revised version of 34 TAC §3.340—addressing the R&D sales tax exemption—are scheduled to be published in the Texas Register on October 15, 2021.

Source: KPMG

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