“The Research and Development Tax Credit has helped tens of thousands of successful American companies create jobs by incentivizing investment in innovation, but startups can’t take advantage. Firms younger than five years old have been responsible for the overwhelming majority of our new jobs in recent years,” Senator Coons said. “They are driving our nation’s economic recovery by taking risks to turn their ideas into marketable products. Let’s help build the next generation of American manufacturing by investing in American innovators with the Startup Innovation Credit Act.”
The other significant initiative is a deal struck yesterday between Senate Democrats and Republicans to extend billions of dollars in tax incentives for businesses and individuals including the R&D Credit. The deal was announced by Senate Finance Committee Chairman Max Baucus (D-MT) and Senator Orrin Hatch (R-UT) on August 1, after both parties made compromises to reach an agreement. “This effort has proven that legislating can still be done if both sides work together,” Baucus said.
The federal government currently allots more than $9 billion for the Research & Development Tax Credit. It is offered for businesses in many different industries including software, architecture, construction, agriculture, food production, and manufacturing, amongst many others. The tax incentive is popular on both sides of the aisle and is widely seen as critical to businesses and the economy.
alliantgroup is the nation’s leading specialty tax firm and has helped thousands of companies claim more than $2 billion in tax incentives. alliantgroup knows the R&D credit is a crucial tool for promoting national prosperity and believes this new legislation, if enacted, would reap massive benefits across the board.
Contact alliantgroup today to learn more about how your business may qualify for valuable government incentives.