Develop This Let the ideas roll--with a little help from the R&E tax credit.
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.
Continue reading this article — and all of our other premium content with Entrepreneur+
Join the internet’s leading entrepreneur community! With your subscription you’ll get:
- Access to all of our premium content and an ad-free experience
- A complimentary subscription to Entrepreneur Magazine
- Four free e-books a year and 20% off everything from our bookstore
- Exclusive events with business celebrities and successful entrepreneurs