Form IC-031 Wisconsin Research Credits - Wisconsin

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Instructions for Form IC-031 Schedule R Wisconsin Research Credits - Wisconsin

What Is Form IC-031?

This is a legal form that was released by the Wisconsin Department of Revenue - a government authority operating within Wisconsin. Check the official instructions before completing and submitting the form.

FAQ

Q: What is Form IC-031?A: Form IC-031 is the Wisconsin Research Credits form.

Q: What are Wisconsin Research Credits?A: Wisconsin Research Credits are tax credits available to businesses in Wisconsin that engage in qualified research and development activities.

Q: Who is eligible to claim Wisconsin Research Credits?A: Businesses in Wisconsin that incur qualified research expenses are eligible to claim Wisconsin Research Credits.

Q: What are qualified research expenses?A: Qualified research expenses include wages, supplies, and contract research costs related to qualified research activities.

Q: How do I claim Wisconsin Research Credits?A: To claim Wisconsin Research Credits, you must complete Form IC-031 and include it with your Wisconsin tax return.

Q: Are there any limitations on the amount of Wisconsin Research Credits that can be claimed?A: Yes, there are limitations on the amount of Wisconsin Research Credits that can be claimed. The maximum credit that can be claimed in a tax year is 10% of the excess qualified research expenses over the base amount.

Q: When is Form IC-031 due?A: Form IC-031 is due at the same time as your Wisconsin tax return, which is usually April 15th.

Q: Are there any additional requirements or documentation needed to claim Wisconsin Research Credits?A: Yes, additional documentation may be required to support your claim for Wisconsin Research Credits, including records of qualified research expenses and documentation of the activities conducted.