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

This document contains official instructions for Form IC-031 Schedule R, Wisconsin Research Credits - a form released and collected by the Wisconsin Department of Revenue.

FAQ

Q: What is Form IC-031 Schedule R?
A: Form IC-031 Schedule R is a tax form used in Wisconsin to claim research credits.

Q: What are research credits?
A: Research credits are tax incentives provided to businesses that conduct qualified research activities.

Q: Who is eligible to file Form IC-031 Schedule R?
A: Businesses in Wisconsin that have conducted qualified research activities may be eligible to file Form IC-031 Schedule R.

Q: What qualifies as research activities for the purpose of claiming credits in Wisconsin?
A: Research activities that contribute to the development or improvement of a product, process, or software may qualify for credits in Wisconsin.

Q: How do I fill out Form IC-031 Schedule R?
A: To fill out Form IC-031 Schedule R, you will need to provide information about your business, the qualified research activities conducted, and the expenses incurred.

Q: When is the deadline for filing Form IC-031 Schedule R?
A: The deadline for filing Form IC-031 Schedule R is typically the same as the deadline for filing your Wisconsin income tax return, which is usually April 15th.

Q: Are there any additional requirements or documentation needed to claim research credits in Wisconsin?
A: Yes, you may need to provide supporting documentation such as project descriptions, expense records, and other relevant information to support your claim for research credits in Wisconsin.

Q: Can I claim research credits on my federal tax return as well?
A: Yes, you may be able to claim research credits on your federal tax return in addition to claiming them on your Wisconsin tax return.

Q: Is there a limit to the amount of research credits that can be claimed in Wisconsin?
A: Yes, there may be limitations on the amount of research credits that can be claimed in Wisconsin. It is recommended to consult the instructions and guidelines provided by the Wisconsin Department of Revenue for more details.