R&D credits regularly deliver savings to businesses that design, develop, or improve products, processes, techniques, formulas, or software—helping put cash back into the business.
Tax credits can exceed 10% of annual R&D costs for federal credits and even higher when applying state-level credits that may be available to taxpayers operating in those states.
Each state R&D credit offering, however, is unique and may provide different rates, eligibility requirements, and more. In addition, the state R&D tax credit legislation can and does change without notice to taxpayers so state credit information may change.
It’s important to reach out to a R&D tax credit professional to determine if a state R&D credit is still available and if any specific state requirements have changed.