Innovation Tax Credit

An Innovation Tax Credit is a financial incentive provided by governments to encourage companies to invest in research and development (R&D). It allows businesses to reduce their tax liability based on eligible expenses related to creating new products, processes, or technologies. Essentially, it lowers the cost of innovation, making it more attractive for companies to develop cutting-edge solutions. This credit aims to stimulate economic growth, boost competitiveness, and foster technological advancement by rewarding innovation efforts financially.