A Startup Company that would qualify for the Startup & Innovation Tax Credit would be:
- a corporation or partnership, if the gross receipts … of such entity for the taxable year is less than $5M and
- such entity did not have gross receipts for any taxable year preceding the 5-taxable-year period ending with such taxable year
With the following stipulations:
- Active less than 6 years (TY 2016 - nothing prior to 2012)
- Gross receipts under $5M
- Annual payroll of $250,000
- Life Sciences - Comprises the fields of science that involve the study of living organisms, such as microorganisms, plants, animals, and human beings as well as bioethics.
- Bio Med
- Medical Devices
- Software & Information Technology - Is the application of computers and telecommunications equipment to store, retrieve, transmit and manipulate data, often in the context of a business or other enterprise. The definition consists of three categories: 1) techniques for processing, 2) the application of statistical and mathematical methods to decision-making, and 3) the simulation of higher-order thinking through computer programs.
- Hardware & Software
- Computer Services
- Telecom Equipment