What are R&D Tax Credits?
Originally introduced in 1981, the R&D Tax Credit is a general business tax credit under Internal Revenue Code Section 41 for companies that incur research and development (R&D) costs in the United States.
The research tax credit helps offset the wages and costs associated with ongoing research development and remains a valuable source of support to businesses that qualify, such as; life sciences, biotech, food science, bio-flavoring, breweries/distilleries, aerospace, industrial automation and controls, architectural firms, engineering design, structural/architectural materials, tool and die companies, software and web development.
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