Credits/Incentives:
Texas: Tax Policy Memo Addresses Impact of Federal Regulations on Texas R&D Rules
Letter No. 202302001L, Tex. Comptroller of Public Accounts (2/6/23); Letter No. 202302002L, Tex. Comptroller of Public Accounts (2/6/23). The Texas Comptroller of Public Accounts, Tax Policy Division (Comptroller), issued a memo summarizing the various federal statutes and regulations relating to “Internal Use Software” (IUS) (as permitted to be applied to the 2011 income federal tax year) that the Comptroller recognizes as incorporated-by-reference into Texas law, as described in the August 2022 amendments to Comptroller Rules 3.340 and 3.599, which provide additional guidance and clarification on the Texas franchise tax research and development (R&D) activities credit and the sales/use tax R&D exemption [see State Tax Matters, Issue 2022-31, for more details on these amendments]. The memo also reiterates that for Texas tax purposes, taxpayers have the option to elect between two prior versions of the federal R&D regulations; however, taxpayers do not have the option to elect between different provisions within those versions. Please contact us with any questions.
30 Rockefeller Plaza New York, NY 10112-0015 United States
About Deloitte Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”), its global network of member firms, and their related entities (collectively, the “Deloitte organization”). DTTL (also referred to as “Deloitte Global”) and each of its member firms and related entities are legally separate and independent entities, which cannot obligate or bind each other in respect of third parties. DTTL and each DTTL member firm and related entity is liable only for its own acts and omissions, and not those of each other. DTTL does not provide services to clients. Please see www.deloitte.com/about to learn more.
Deloitte provides industry-leading audit and assurance, tax and legal, consulting, financial advisory, and risk advisory services to nearly 90% of the Fortune Global 500® and thousands of private companies. Our professionals deliver measurable and lasting results that help reinforce public trust in capital markets, enable clients to transform and thrive, and lead the way toward a stronger economy, a more equitable society and a sustainable world. Building on its 175-plus year history, Deloitte spans more than 150 countries and territories. Learn how Deloitte’s approximately 415,000 peopleworldwide make an impact that matters at www.deloitte.com.
