Demand grows for R&D tax credits
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The number of companies that want state research and development tax credits keeps on growing, but the money available remained the same. This year, there was even an attempt by the state House of Representative to shrink it substantially.
Some 223 businesses applied for the credit against their business taxes for 2018, compared to 200 in 2017, but the cap remained at $7 million, so the amount the individual companies will receive decreased, from 92.4% to 82.7%. Using those percentages, it appeared that businesses asked for about $8.4 million last year, compared to $7.6 million in 2017, a 16% increase.