What is the Research and Development Tax Credit?
Research and Development (R&D) is critical in advancing technology, growing a business, and diversifying a product line. Important to a strong electronics industry, R&D enables businesses to develop new processes and products. R&D Tax Credits allow businesses to apply for a dollar for dollar reduction of tax for qualified expenditures. Currently, business can claim tax credits up to 3 years retroactively and defer taking credit for up to 20 years. R&D tax credits allows for business to be rewarded not simply for the final product, but all the changes, variations, and experiments involved in getting to their final result.
