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“Using Tax Credits To Encourage Innovation”
About The Article:
With new R&D Tax Credit savings opportunities available at the federal and state level, innovative businesses have vast new opportunity to lower their tax burden. And for Virginia businesses, the opportunity to benefit from the credit is even greater due to new legislation that improved the already generous state benefit.
In a March/April 2017 article written for the Virginia Society of CPAs (VSCPAs) Disclosures magazine, Tax Credits Group President Michael Krajcer provides readers with an overview on these recent favorable changes, and explains why they are particularly beneficial to innovative taxpayers located within the state of Virginia.
In this article, you will learn the following:
- The benefits of a permanent federal credit and how the new Alternative Minimum Tax (AMT) and Payroll tax offset provisions will benefit certain eligible small businesses.
- Why final regulations related to Internal Use Software (IUS) development will drastically benefit businesses investing in customer facing software development.
- How new and improved Virginia legislation will provide enormous new opportunity for businesses conducting R&D within the state.