2023 Tax Calendar
VIEWpoint Issue 2 | 2022
Inflation Reduction Act: Highlights of Key Changes for You and Yo...
Texas businesses can now claim either a sales tax exemption or Texas franchise tax credits on qualified in-state research and development activities. The new law is effective for reports beginning Jan. 1, 2014, through Dec. 31, 2026; however, an unused credit may be carried forward for up to 20 consecutive reports. The Houston tax advisors at Doeren Mayhew provide us with these tax credit highlights to answer your questions.
As defined by the IRC section 41(d), research activity must be:
Now is the time to evaluate your eligibility and benefit from possible R&D tax credit exemptions. For more information, or to get started with early tax planning, contact Doeren Mayhew’s Houston tax advisors.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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