Even though Washington’s business and occupation (B&O) tax credit for high-tech businesses engaged in research and development (R&D) ended in 2014, businesses can still benefit.
The high-tech R&D tax credit, which was modeled after a similar, but in some ways more restricted, federal R&D credit, was a way for companies to offset the state’s B&O tax. The credit was designed to help companies — especially startups — lower the cost of innovation by reducing their taxes. An eligible company could claim up to $2 million in credit per year. Companies reporting to the state Department of Revenue in 2012 and 2013 took $44 million in state credit. Read the entire article.
