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South Carolina State R&D Tax Credit

Refundable Tax Credit – Yes

Businesses can take advantage of the Research and Development Tax Credit in the state of South Carolina. Companies can use the credits to offset costs spent performing qualifying research activities against state and federal tax liabilities. The credit is often overlooked by companies simply because they don’t realize the work they are doing in their daily operations qualifies them. Companies performing any kind of research and development may be missing out on significant tax credits.

Businesses in South Carolina can take advantage of the federal R&D Tax credit, as well as credits specific to the state of South Carolina.

South Carolina State R&D Tax Credit Program Highlights

Federal R&D Tax Credit Program Highlights

The Research and Development Tax Credit

R&D is a dollar for dollar tax credit that can be claimed by companies in the United States to offset costs spent performing research and development to benefit their business. Created as an incentive by the United States Government for businesses to undergo research activities to develop or improve their products, processes, or software, The R&D credit was made permanent on a federal level by the Protecting Americans Against Tax Hikes Act of 2015, allowing business owners to ensure their research activities would earn them the lucrative credit. The PATH Act also broaden the variety of industries that are able to claim the credit.

How to Apply

Claiming your R&D tax credits is made simple by our team at National Tax Group. During your call, we’ll determine if your research activities qualify your company to take advantage of the R&D Tax Credit Program. We’ll provide the proper documentation and remain by your side until all documentation is submitted and approved by the Internal Revenue Service. In the highly unlikely event of an audit, we will supply all materials needed to clear it at no extra cost for you. Contact our tax experts to get started.