For over three decades, innovative U.S. businesses have looked toward the federal R&D tax credit as a way to lower tax obligations. In addition to this federal incentive, many states also offer research credits as a way to incentivize businesses conducting research and development within the state.
However, there is a great deal of variation between these state credits and some accomplish their goals much more effectively than others. Perhaps one of the most forward thinking states is Virginia, which historically, through the Virginia Research & Development Expenses Tax Credit, has offered state taxpayers one of the most effective state credits available. And yet, just recently, Virginia has improved the credit to offer forward-thinking businesses within the state even greater tax savings opportunities.
In a May 2016 Virginia Society of CPAs (VSCPAs) article appearing in Disclosures magazine, “Encouraging Innovation: New Federal and Virginia Opportunities with R&D Tax Credits”, Tax Credits Group President Michael Krajcer sheds insight by providing readers with an understanding of the Research Credit, explaining why so many businesses go unaware of the incentive, and why recent changes to both the federal and Virginia statutes will allow significantly more taxpayers within the state to utilize incentives in far greater amounts than ever before.
To learn more about the new tax savings opportunities awaiting Virginia businesses, download the full article at http://taxcreditsgroup.com/article-download-encouraging-innovation
