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R&D Tax Credit Extended Two Years
Written by Kathy Nargi-Toth
Monday, 06 October 2008
WASHINGTON – The R&D Tax Credit gets new life as part of the Emergency Economic Stabilization Act of 2008. The Federal Research & Development Tax Credit has been extended from December 31, 2007 through December 31, 2009.
The federal R&D Tax Credit gives companies an opportunity to claim an income tax credit for activities centered on the development or improvement of products, processes, software, techniques or formulas.
The R&D credit covers standard research activities including the development of new technology or new products/processes. It also covers development activities like improving existing products or creating a more reliable product. The credit will cover developing a prototype or design tools. It can be used for the cost associated with applying for patents or testing new concepts.
Included is the cost of improving a manufacturing process and those costs associated with employing outside consultants and/or contractors to do any of these research, development or improvement activities. The credit covers up to 20% of qualified research and development spending.
The credit generates significant tax savings for U.S. companies in the manufacturing, technology, software, engineering and aerospace/defense industries. It is key to continued innovation. The Information Technology Association of America (ITAA) has estimated that the lapse of the R&D Tax Credit for the first nine months of 2008 placed over 10,000 jobs and $13 billion at risk.
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