Schedule RD-CON: Research and Development Tax Credits Schedule of Contract Research Expenses (2024)
Virginia · Virginia Tax · Used for tax years 2024
Virginia Schedule RD-CON reports qualified contract research expenses for the Research and Development Expenses Credit or Major Research and Development Expenses Credit. It lists contractors, research details, total expenses, applicable percentages, and eligible expense amounts,
Who files this form
Complete Schedule RD-CON if you are claiming either the Research and Development Expenses Credit or the Major Research and Development Expenses Credit based on qualified contract research expenses. Use it with Form RDC or Form MRD, whichever applies.
What you'll need
You will need the applicable Form RDC or Form MRD and the information requested on Schedule RD-CON:
- Tax year, name as it appears on Form RDC or MRD, and taxpayer identification details.
- Contractor name and type of research.
- Project length in months and location of the research.
- Total expense and the applicable percentage: 65%, 75%, or 100%.
How to file
- Enter your tax year, name, and identification information.
- List each qualified contract research expense in Columns A through E.
- Enter the applicable percentage in Column F. Multiply the total expense in Column E by that percentage and enter the result in Column G.
- Enter the total qualified contract research expenses on this schedule and on Schedule A, Section 1, Line 1, Column A of Form RDC or Form MRD, whichever applies.
- Enclose Schedule RD-CON with the applicable Form RDC or Form MRD.
You may submit additional copies of Schedule RD-CON if you need more space.
Common mistakes
- Do not forget to transfer the total to Schedule A, Section 1, Line 1, Column A of the applicable Form RDC or Form MRD.
- Do not leave Schedule RD-CON out of your submission. The form says to enclose it with Form RDC or Form MRD.
Questions people ask
Which credits use Schedule RD-CON?
It is used for the Research and Development Expenses Credit and the Major Research and Development Expenses Credit when the claim is based on qualified contract research expenses.
What percentages does the schedule list?
The schedule lists:
- 65% of an amount paid or incurred by a person other than an employee of the taxpayer for qualified research.
- 75% of an amount paid or incurred by a taxpayer to a qualified research consortium for qualified research.
- 100% of an amount paid or incurred by an eligible small business, an institution of higher education, or an organization that is a federal laboratory.
How do I calculate the eligible expense amount?
Multiply the total expense in Column E by the applicable percentage in Column F. Enter the result in Column G.
What if I need more space?
You may submit additional copies of Schedule RD-CON.