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The Research & Development tax credit remains one of the most significant tax credits available under current law. Virtually any company that designs or manufactures products or embarks upon efforts to improve its production or manufacturing activities may be a candidate for R&D tax credits. It is a permanent benefit, providing a reduction in both tax payments and tax expense. Companies can:
- Take the credit for all open tax years (usually the current year and 3 prior years).
- Carry forward the credits for 20 years, providing a long-lasting benefit.
Although it has been available since 1981, relatively few companies can take on the challenge of gathering and maintaining the documentation needed to claim the credit. Look to HEIN & ASSOCIATES LLP for assistance in providing the expertise and performing the complex analyses required for R&D credits.
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