Idaho Code 63-3622RR – Research and Development
Current as of: 2023 | Check for updates
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(1) There is exempted from the taxes imposed by this chapter, the lease, rental, purchase, sale at retail, storage, use or other consumption in this state of tangible personal property which is primarily used in research and development activities.
(2) "Research and development" means an activity which is:
(a) Designed to advance existing knowledge or capability in the field of science or technology, the development of new products, materials, technologies or processes, including new uses for or improvements to existing products, materials, technologies or processes; and
(b) Related to the development, design, manufacture, processing, production or fabrication of:
(i) A product or potential product which is tangible personal property; or
(ii) Machinery, materials or components utilized or potentially utilized in the development, design, manufacture, processing, production or fabrication of a product or potential product which is tangible personal property.
Terms Used In Idaho Code 63-3622RR
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Personal property: includes money, goods, chattels, things in action, evidences of debt and general intangibles as defined in the uniform commercial code — secured transactions. See Idaho Code 73-114
- Personal property: All property that is not real property.
- Property: includes both real and personal property. See Idaho Code 73-114
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories; and the words "United States" may include the District of Columbia and territories. See Idaho Code 73-114