Iowa Code § 15.521: Definitions.

As used in this part, unless the context otherwise requires:

1. “Eligible expenditures” means qualified research expenses under section 41 of the Internal Revenue Code, to the extent the expenditures occurred in this state.

2. “Qualified business” means a business certified by the authority as eligible to claim the research and development tax credit.

3. “Qualified research and development” means a systematic activity that combines basic and applied research in an attempt to discover solutions to new or existing problems, or to create or update goods and services. “Qualified research and development” includes a set of innovative activities undertaken by an eligible business in developing new services or products, and in improving existing ones.