September 25, 2013

Michael Brady, Research and Development Tax Practice, Senior Manager, Article "Should You Apply For An R&D Tax Credit?" Featured in Region's Business

Region's Business

By Michael Brady

Michael Brady, Research and Development Tax Practice, Senior Manager, Article "Should You Apply For An R&D Tax Credit?" Featured in Region's Business

Excerpt:

Many taxpayers are aware of the existence of the Research and Development (R&D) Tax Credit, but are not fully versed in its scope. In fact, there are many businesses eligible for the R&D tax credit that do not take advantage of this valuable incentive.

Taxpayers in the disciplines of manufacturing, application software development, telecommunications, biotechnology, and engineering, among others, commonly qualify for the Federal R&D credit.

First enacted in 1981, the intent of Congress was to incentivize businesses to conduct innovative activities (known as “qualified research”) within the United States. Originally intended to expire in 1985, the credit has been extended fourteen times and is currently available for research activities conducted prior to December 31, 2013.

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