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Tax Credit for Innovation

Go on--get some credit for your company's research.

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This story appears in the August 2006 issue of Entrepreneur. Subscribe »

If your company's research budget is growing, your federal tax refund could grow, too, with the help of a 25-year-old tax credit designed to encourage domestic innovation.

Many businesses don't realize they can use the research and experimentation credit, officially known as the Credit for Increasing Research Activities. The R&E credit can bring refunds of $100,000 or more to SMBs, says tax attorney Patricia Sweeney from the Washington, DC, law firm Miller & Chevalier.

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