Accounting Today: Inflation Reduction Act potentially doubles R&D tax credit
Chris Winslow, CEO of Clarus R+D, spoke with Accounting Today about how the historic Inflation Reduction Act demonstrates continued bipartisan support for research and development in the US.
Small businesses are particularly impacted by this historic bill. By doubling the amount startups can claim of the R&D credit, as well as expanding it to be able to be claimed against both Medicare and FICA payroll taxes, the federal government has shown its commitment to supporting growing American businesses. As small businesses extend their capabilities and invest in their research and developmental work, the opportunity to claim the R&D tax credit becomes increasingly valuable.
The new provisions in the Inflation Reduction Act provide a higher incentive for companies to take advantage of this lucrative credit.
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