Congressional and Senate GOP leaders have revealed the final version of the sweeping tax reform measure, the Tax Cuts and Jobs Act of 2017, and today, the President signed the bill into law.
This new law is expected to have significant impacts on corporate tax deductions and credits. With the vast majority of corporate tax deductions and credits going away, WithumSmith+Brown is happy to announce that the Research and Development credit is here to stay!
The provision explicitly preserves the Research and Development credit, a credit that affords generous returns on investments in innovation and technology. The Research and Development (R&D) tax credit has strong bi-partisan support and will continue to stand as one of the largest corporate tax benefits in the Internal Revenue Code for the development of new or improved products and/or processes.
With this exciting preservation of a lucrative tax credit, companies can continue to receive a return on their investment in their spend on innovation and technology. Additionally, the opportunity for small businesses to use R&D tax credits to offset up to $250,000 in payroll taxes continues to exist in 2018 and beyond. WithumSmith+Brown is here to provide a complimentary review to determine if taxpayers have any qualified R&D activity worthy of pursuit.
Please reach out to one of our R&D Tax Credit experts to see what benefit your company might be missing out on. The initial consultation is free! What do you have to lose? Fill in the form below to speak with one of our professionals!