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Column: How Businesses Can Benefit from Maryland’s R&D tax credits

Maryland businesses that have qualified research and development expenses may qualify for two state income tax credits, the basic R&D tax credit and the growth R&D tax credit. With the Sept. 15 deadline fast approaching, it’s time to consider whether your company’s research and development activities qualify.

In addition, as of Jan. 1, the federal R&D tax credit is now permanent, providing a certainty that there is a subsidy to support research and development efforts, and thereby incentivizing businesses to continue or even expand these activities that drive innovation and spur growth.

Combined, the federal and Maryland state R&D tax credits can have a significant impact on businesses. The R&D tax credits are especially appealing to small businesses because the credit is refundable, allowing the funds to potentially be used as another source of capital.

Read the full article from the Baltimore Business Journal.


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