Taxpayers may claim either a sales tax exemption or a franchise tax credit for qualifying research expenses that occur in Texas. A revised version of 34 TAC §3.599—addressing the franchise tax research and development (R&D) activities tax credit—and a revised version of 34 TAC §3.340—addressing the R&D sales tax exemption—are scheduled to be published in the Texas Register on October 15, 2021.
Source: KPMG
