Develop This

Let the ideas roll--with a little help from the R&E tax credit.

By Carol Tice • Jun 1, 2007

Opinions expressed by Entrepreneur contributors are their own.

The federal tax credit for companies that invest in R&D was renewed in December for 2006 and 2007. The tax break, known as the Research and Experimentation Tax Credit, also gained a new feature that should help more growing businesses take advantage of it--and save some serious money.

The research credit is intended to spur innovation, which has worked for Bryan Wood, owner of 43-year-old Powr-Grip Co. Inc. in Laurel, Montana. The company, which manufactures vacuum-powered lifting tools, has been taking the credit since 2001.

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