California Quarterly Returns Due Under New Manufacturing/R&D Sales Tax Exemption.

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Oct 22, 2014, 04:49 ET

DALLAS, Oct. 22, 2014 /PRNewswire/ -- On October 31, 2014, the first quarterly sales and use tax return filings are due under the new California manufacturing/research and development (R&D) partial exemption. The exemption was effective July 1, 2014, and this filing will be taxpayers' first opportunity to test reporting procedures to ensure all qualifying purchases have been identified. If exemption certificates were not timely provided to vendors, a claim must be filed with the vendor to recover the excess tax paid.

Ryan is an award-winning global tax services firm, with the largest indirect and property tax practices in North America and the sixth largest corporate tax practice in the United States.

The exemption is applicable to equipment procured by businesses engaged in manufacturing or certain R&D. Eligible companies include manufacturers in aerospace, textiles, pharmaceuticals, printing, and food, as well as biotechnology research and experimental development activities in agriculture, electronics, environmental biology, botany, computers, chemistry, food, fisheries, forestry, geology, health, mathematics, medicine, oceanography, pharmacy, physics, veterinary, and other allied fields. Extractive and agricultural companies may not be eligible for the exemption, depending on the apportionment method used for California franchise tax purposes.

For more information concerning this tax exemption's rules of establishment, qualification of purchases, how to file a refund claim, and more, please view Ryan's complimentary on-demand webinar, California Manufacturing Exemption Update | Key Provisions and Open Questions.

About Ryan
Ryan is an award-winning global tax services firm, with the largest indirect and property tax practices in North America and the sixth largest corporate tax practice in the United States. Headquartered in Dallas, Texas, the Firm provides a comprehensive range of state, local, federal, and international tax advisory and consulting services on a multi-jurisdictional basis, including audit defense, tax recovery, credits and incentives, tax process improvement and automation, tax appeals, tax compliance, and strategic planning. Ryan is a three-time recipient of the International Service Excellence Award from the Customer Service Institute of America (CSIA) for its commitment to world-class client service. Empowered by the dynamic myRyan work environment, which is widely recognized as the most innovative in the tax services industry, Ryan's multi-disciplinary team of more than 1,900 professionals and associates serves more than 9,000 clients in over 40 countries, including many of the world's most prominent Global 5000 companies. More information about Ryan can be found at www.ryan.com.

TECHNICAL INFORMATION CONTACTS:

John P. Lyon
Principal
Ryan
213.627.1719
[email protected]

Richard V. Carlson
Principal
Ryan
213.627.1719
[email protected]

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