INSIGHTS
Inflation Reduction Act Increases Utilization of Research Credit by Small and Emerging Businesses
August 22, 2022
Section 13902 of the Inflation Reduction Act of 2022 (the “IRA”) amended Internal Revenue Code Sections 41(h) and 3111(f) to increase the amount of a research credit that a small business can apply against their payroll tax liability. The credit cap is increased from $250,000 to $500,000 for taxable years beginning after December 31, 2022.
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