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The Research & Development (R&D) Tax Credit is a government incentive designed to encourage companies to invest in innovation. It allows businesses to reduce their tax liability by claiming qualifying R&D expenses.
In terms of specifics, the credit applies to a wide range of R&D activities, including creating new products or processes, or improving existing ones. The exact definition of qualifying expenses can vary, but typically includes salaries of staff engaged in R&D, costs of materials and supplies used in R&D, and any contracted R&D expenses. It's important for founders to be aware of the R&D tax credit as it can represent a significant cost-saving opportunity and can directly contribute to the financial sustainability of innovative startups.
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