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Troy, MI 48084-3531

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R&D Tax Credit Studies

The research and development credit rewards companies for developing a new or improved process or promoting product innovation.
 
The gross research and development tax credit is a twenty percent (20%) credit on qualified research expenditures that exceed a base amount. Generally, the net tax benefit of the federal credit may be approximately six and half percent (6.5%) of qualified research expenses. State credits are usually less than federal credits, but can also be significant. Taxpayers may be able to amend prior year returns to claim missed credits and obtain tax refunds. Any unused credits can be carried forward twenty years.
 
To qualify for the credit, the research must be undertaken for discovering information that is technological in nature and its application must be intended for use in developing a new or improved business component of the taxpayer. In addition, substantially all of the activities of the research must be elements of a process of experimentation relating to a new or improved function, performance, reliability or quality.
 
If you are currently incurring research and development expenditures and would like to learn more about this credit please contact us.