Research and Development Tax Credit

The Research and Development (R&D) Tax Credit is a government incentive that encourages businesses to invest in innovation. It allows companies to claim tax reductions or refunds for eligible expenses related to developing new products, processes, or technologies. This can include costs for wages, materials, and contract research. The goal is to stimulate economic growth by supporting companies that are pushing boundaries and creating advancements, ultimately benefiting industries and society as a whole. By reducing the financial burden, it motivates more businesses to engage in innovative activities.