Virginia R&D Expenses + Major R&D Tax Credit
Funds Virginia companies through income tax credits for qualifying innovation as a legacy incentive.
Virginia's Research and Development Tax Credit program comprised two separate income-tax credits: the refundable R&D Expenses Tax Credit, which offered 15% of the first $300,000 in qualifying Virginia R&D expenses per year and was subject to a $7.77 million annual statewide cap, and the non-refundable Major Research and Development Credit, which offered 10% of qualifying R&D expenses exceeding a $…
Virginia's R&D income tax credits — the refundable R&D Expenses Tax Credit and the Major R&D Credit — have both expired and are no longer available to new applicants as of December 31, 2024.
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