An overlooked source of cash for New York manufacturers is the Research and Development (R&D) tax credit. This incentive helps companies to grow by reducing its tax liability for qualified R&D expenditures.
The R&D Tax Credit is available for companies engaged in the development of new or improved products, processes, or software.
R&D credits may be applied to taxes due or to future tax liability, and they may be retroactive for three years in addition to the current year and carry forward for twenty years! These credits can additionally be used to reinvest in the company.
Qualifying costs include:
Wednesday Feb 10, 2021
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