The research and development (R&D) tax credit is a general business tax credit. Many companies are unaware that they may qualify for them. Simply put, R&D refers to the work a businesses does to contribute towards innovation, or an introduction of products or procedures. In general, pharmaceutical and technology companies tend to spend the most in R&D. However, Amazon ranked number one is 2018 spending 16.1 million in R&D. (https://www.strategyand.pwc.com/innovation100) For more information on research and development tax credits please see the full article below.
Hillary Gowins of Crains Chicago business asserts that Edge tax credits do not actually create jobs in Illinois. Gowins used the shutdown of Deerfield, IL's major pharmaceutical company, Takeda, as an example of this. Within the years of 2003-2013 Takeda committed to creating 586 jobs and as a result, received over $60 million in tax credits. However, the issue is not the program itself. The problem is the disproportionate allocation of the program's funds. ENJEN provides small to mid market companies the same opportunities for governments incentives as the Boeings, Amazons, and Foxconns of the world. As a result, jobs are organically created. That is a profoundly more responsible use of taxpayer dollars. Full Article below.
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