research and development tax credit

A research and development (R&D) tax credit is a government incentive that provides financial benefits to businesses engaged in qualified research activities. It is a tax deduction or a tax offset that allows companies to reduce their tax liability or receive a refund based on the amount spent on research and development activities. This credit encourages and promotes innovation by offsetting some of the costs associated with R&D efforts, further stimulating advancements in various industries.

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