Section 47 Tax Credit

Section 47 Tax Credit refers to a provision allowing eligible taxpayers to claim a credit against their income tax for certain investments, such as in qualifying research and development activities or other specified assets. It reduces the overall tax liability, effectively lowering the amount of tax owed. This incentive encourages investment in areas aligned with government priorities, providing a financial benefit to businesses that engage in eligible activities. The credit can be used to offset taxes owed and, in some cases, may be refundable or carried forward to future years, supporting ongoing investment and growth.