Check out the news from Certified Public Accountants, Habif, Arogeti & Wynne (HA&W) about some important developments in tax credits this year.
Companies spanning a variety of industries rely on Federal and State Research and Development Tax Credits to enhance innovation and finance product development and improvement. Every few years, CEOs and tax practitioners hold their breath waiting on Congress to pass legislation to extend these critical tax benefits. On Dec. 16 2014, the Senate voted to extend the Federal R&D Tax Credit for the 16th time since its inception in 1981. Traditionally, the credit is extended in two year increments; however, this year the credit was extended for the 2014 tax year only, with the promise that tax reform is slated for 2015. Many state R&D tax credits rely on the Federal R&D Tax Credit, and Georgia is no exception. The decision to extend the federal credit is particularly important to companies performing R&D activities in Georgia.
Read the whole story here.