§ 5930w - Economic advancement sustainable technology research and development tax credit - Vermont Statutes

§ 5930w. Economic advancement sustainable technology research and development tax credit

(a) For the purposes of this section, a "sustainable technology business" means a business whose activity in Vermont is primarily in design, development, or manufacture of computer software, machinery, or equipment used by an industry to generate electricity using biomass, geothermal, methane, solar, or wind energy resources; or to produce heat for residential or commercial structures using biomass, geothermal, methane, solar, or wind energy resources.

(b) A sustainable technology business, upon obtaining approval of the Vermont economic progress council pursuant to section 5930a of this title, may receive a credit against the income tax liability imposed under this chapter in the amount of 30 percent of qualified sustainable research and development expenditures made by the taxpayer in the taxable year.

(c) "Qualified sustainable research and development expenditures" means research and development expenditures that are:

(1) "qualified research expenses" as defined in the Internal Revenue Code at 26 U.S.C. § 41(b);

(2) made within the state of Vermont, for the purpose of design, development, or manufacture of computer software, machinery, or equipment used by an industry to generate electricity using biomass, geothermal, methane, solar, or wind energy resources; or to produce heat for residential or commercial structures using biomass, geothermal, methane, solar, or wind energy resources. (Added 2003, No. 67, § 24b, eff. June 16, 2003; amended 2005, No. 184 (Adj. Sess.), § 4, eff. Jan. 1, 2017.)