Form 2070ac 0007 - Application And Computation Schedule For Claiming Delaware Research And Development Tax Credits - 2011
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2011
STATE OF DELAWARE
DIVISION OF REVENUE
820 North French St.
FORM 2070AC 0007
P.O. Box 8911
APPLICATION AND COMPUTATION SCHEDULE FOR CLAIMING
Wilm., DE 19899-8911
DELAWARE RESEARCH AND DEVELOPMENT TAX CREDITS
TH
FORM 2070AC MUST BE COMPLETED AND SUBMITTED ON OR BEFORE SEPTEMBER 15
AFTER THE END
OF THE TAXABLE YEAR DURING WHICH THE QUALIFIED RESEARCH & DEVELOPMENT EXPENSES WERE MADE.
PART A -- NAME AND ADDRESS
TAX PERIOD ENDING DATE
(MM/DD/YY)
1. Federal Employer Identification Number: 1 -
---
OR
Social Security Number: 2 -
---
---
/
/
2. Name of Taxpayer
3. Address
4. Delaware Address (if different from above).
5.
Contact Person
Telephone Number
Fax Number
E-mail Address
PART B – DELAWARE RESEARCH & DEVELOPMENT ELECTION AND COMPUTATION
SELECT A METHOD TO COMPUTE THE DELAWARE RESEARCH & DEVELOPMENT CREDIT. ONLY ONE METHOD MAY BE SELECTED TO
COMPUTE THE CREDIT. THE METHOD USED TO COMPUTE THE DELAWARE RESEARCH & DEVELOPMENT CREDIT IS AN ANNUAL ELECTION.
THE ELECTION IS INDEPENDENT OF THE METHOD USED TO COMPUTE THE FEDERAL RESEARCH & DEVELOPMENT CREDIT. PLEASE
ATTACH A COPY OF FEDERAL FROM 6765 TO THIS APPLICATION. IF A CONSOLIDATED CORPORATE INCOME TAX RETURN IS FILED,
PLEASE ATTACH A PROFORMA FORM 6765 FOR THE CORPORATE APPLICANT.
___ METHOD A – Ten percent of the excess of the taxpayer’s total Delaware qualified research and development expenses for the taxable year
over the taxpayer’s Delaware base amount.
1.
Total Delaware qualified R&D expenses for the 4 years preceding the credit year
$
________________
2.
Total Delaware gross receipts for the 4 years preceding the credit year
$
________________
3.
Delaware Fixed Based Percentage. Divide Line 1 by Line 2
________________%
4.
Average annual gross receipts for the 4 years preceding the credit year
$
________________
5.
Delaware Base Amount. Multiply Line 3 by Line 4
$
________________
6.
Total Delaware qualified R&D expenses for the credit year
$
________________
7.
Subtract Line 5 from Line 6
$
________________
8.
Multiply Line 6 by 50%
$
________________
9.
Enter the smaller of Line 7 or Line 8
$
________________
10. Delaware R&D Credit . Multiply Line 9 by 10%
$
________________
___ METHOD B – Fifty percent of Delaware’s apportioned share of taxpayer’s federal research and development tax credit calculated using the
alternative incremental credit method under Section 41(c)(4) of the Internal Revenue Code of 1986, using federal definitions and
methodology.
1.
Federal Alternative Incremental Credit from Line 39, Federal Form 6765
$
________________
2.
Delaware qualified R&D expenses for the credit year
$
________________
3.
Total qualified R&D expenses for the credit year
$
________________
4.
Divide Line 2 by Line 3
________________%
5.
Multiply Line 1 by Line 4
$
________________
6.
Delaware R&D Credit . Multiply Line 5 by 50%
$
________________
STOP: IF THE BUSINESS ENTITY FOR WHICH THE CREDIT HAS BEEN APPROVED IS:
•
C CORPORATION – Enter the Delaware R&D Credit on Form 700, Delaware Income Tax Credit Schedule, Line 10(a).
•
S CORPORATION – Multiply the Delaware R&D Credit by the percentage of stock owned by each shareholder. Enter the result on Form 700,
Delaware Income Tax Credit Schedule, Line 10(b).
•
PARTNERSHIP – Multiply the Delaware R&D Credit by the percentage ownership of each partner. Enter the result on Form 700, Delaware Income Tax
Credit Schedule, Line 10(c).
•
INDIVIDUAL & SOLE PROPRIETOR – Enter the Delaware R&D Credit on Form 700, Delaware Income Tax Credit Schedule, Line 10(d).
NAME
TITLE
DATE
(Revised 11/21/11)
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