More than 80% of startups and small-to-midsize businesses are not taking federal, state and local tax credits – either because they lack awareness of their qualifications or don’t think getting them is easy. Not capitalizing on the R&D tax credit is like leaving money on the table for both CPAs and the clients they serve.
For 50 years, innovation has powered the U.S. economy. Since 1981, the R&D tax credit has been driven by an exponential expansion of private investment in industries that may ultimately benefit from it, fueling the argument that the incentive has helped spur the growth of manufacturing, software development and biotechnology/pharmaceuticals (the “Big 3”).
