R&D Tax Credit Returns to Texas

R&D Tax Credit Returns to Texas

August, 2013

This article briefly details the newly approved legislation that is bringing Research and Development incentives back to Texas, and the economic impact the legislation will have.

“Effective for tax years beginning on or after January 1, 2014, Texas businesses will be able to reduce their state tax burden via a new R&D tax credit.

The Legislature hopes that the reintroduction of the state R&D tax credit will:

1. make Texas economically competitive in the field of research and development;
2. reduce the tax burden on research and development activities in Texas and encourage new investments in this
state;
3. promote the creation of new, highly skilled, high-paying jobs in Texas; and
4. complement this state’s manufacturing industries by encouraging innovation and efficiency in applying new
technologies and producing new products.”

Click Here to read the article.