R&D tax credits are among the most potentially lucrative tax incentives available today for companies developing new products and enhancing manufacturing processes. For qualifying start-ups and more established privately held companies, they can free up precious capital for scaling growth. For larger enterprises, R&D tax incentives can contribute mightily to multi-year tax planning and savings.
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The New Jersey Technology Business Tax Certificate Transfer Program allows qualified companies to sell R&D tax credits and net operating losses. This is a competitive program with $60 million available annually. In Fiscal Year 2017, 40 companies were approved to share $35 million. The deadline to submit the online application is June 30, 2017. However, there are several
The Service Issues New Administrative Authority Governing R&D Tax Credit Claims for Start-Up Companies
On Thursday, March 30th the Department of the Treasury (hereinafter the “Treasury Department”) and Internal Revenue Service (hereinafter the “Service”) issued interim administrative guidance in the form of IRS Notice 2017-23 clarifying how eligible start-up companies (i.e., those companies with less than $ 5 million in gross receipts and earning revenue for less than 5
On December 18th of 2015, President Obama signed into law the Protecting Americans from Tax Hikes Act of 2015 (hereinafter the “PATH Act”) that significantly enhanced the Federal-Level R&D Tax Credit Program (hereinafter “RTC Program”) under I.R.C. § 41 on a myriad of levels for both eligible “Small Businesses” and eligible “Start-Up Companies”. More specifically,