R&D Sales Tax Exemptions
The R&D Sales Tax Exemption provides a 100 percent sales tax exemption for qualified research and development equipment and property purchased. Taxpayers may file a claim for refund for sales tax paid on such a retail transaction should they not purchase it exempt from sales tax at the time of the actual transaction.
Patent Income Exemption
The Patent Income Exemption allows an exemption from certain income derived from qualified utility and plant patents. Qualified taxpayers are eligible for an exemption from 50% of patent income for each of the first five years, and decreases over the next five years to 10% in year ten.