HOUSTON, Feb. 24, 2011 /PRNewswire/ -- alliantgroup, the specialty tax advisory firm, today announced its strong support for the Commonwealth of Virginia's $5 million research and development (R&D) tax credit fund, which was recently passed by the Virginia House and Senate. Expected to be signed by Governor Robert F. McDonnell, the R&D tax credit fund will provide additional funding, create jobs and further grow businesses and the economy in the state.
"The $5 million R&D tax credit program in Virginia demonstrates the Commonwealth's commitment to providing local businesses with the incentives needed to help spur innovation," said Dhaval Jadav, CEO of alliantgroup. "This program is an important initiative to create new jobs and enable small and large companies around the state to advance new products and technologies. As a firm that has deep experience helping companies of all sizes take advantage of such tax incentives and credits, alliantgroup applaud this initiative and we look forward to working with clients throughout Virginia to realize the benefits of this program."
Once the legislation is signed by Governor McDonnell, Virginia will become the latest state to offer tax incentives for R&D spending, joining the ranks of Iowa, Arizona, Louisiana, Minnesota, and New York, which are leaders in state-specific refundable R&D tax credit programs. The program provides qualifying companies with a refundable credit worth as much as 15 percent of the first $167,000 in research expenses incurred each year. If the research is done in conjunction with a public college or university in Virginia, the limit increases to 20 percent of the first $175,000. The tax credit fund will be retroactive to Jan. 1, 2011, and is set to be available through 2016.
alliantgroup is the nation's premier provider of specialty tax services. Headquartered in Houston, TX, alliantgroup works with CPAs and their clients to ensure that they receive the full benefits of all available federal and state government sponsored tax credit and incentive programs, such as the research and development tax credit, export tax incentives, manufacturing tax incentives, federal and state hiring credits, sales and use tax refund reviews, and a dedicated tax controversy services team. For more information visit www.alliantgroup.com.