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Encouraging Innovation: New Federal and Virginia Opportunities with R&D Tax Credits
About This Article
Many businesses within the state of Virginia are eligible to have part of their research and development expenses subsidized by the federal and state government. Yet, many go unaware of this tax savings opportunity.
In a May 2016 Virginia Society of CPAs (VSCPAs) article, Tax Credits Group President Michael Krajcer provides readers with an understanding of the R&D Tax Credit, why many businesses are often unaware of the incentive, and why recent changes to both the federal and Virginia statutes will allow significantly more taxpayers within the state to utilize incentives in far greater amounts.
In this article, you will learn the following:
- A brief history of the federal credit
- Why many businesses are overlooking the opportunity
- Why new legislation has expanded the applicability and incentive opportunity to taxpayers
- Why Virginia’s refundable state credit is one of the most progressive/favorable state credits in the country
- Why many businesses within the state of Virginia are failing to take advantage of this incentive