[reposted from Techburgher] On March 15th 2012 Pennsylvania Lt. Governor Jim Cawley met with members of the Pittsburgh Technology Council to discuss the important role that investments in research and development have in growing Pennsylvania’s manufacturing and technology sectors. They also took the opportunity to emphasize just how beneficial Governor Corbett’s 300% increase in the Pennsylvania R&D tax credit has been since it was adopted last year.
“According to a report issued earlier this week, in 2011, a record number of Pennsylvania businesses were awarded R&D tax credits. This falls on the heels of last year’s state budget which expanded the available pool of credits from $18 million in 2010 to $55 million in 2011. The 537 businesses that benefited from the credit, reported more than $4.1 billion in expenditures on research and development activities in the Commonwealth, which represents a $624 million increase in expenditures over the prior year or a 17.6 percent expansion.
Last year’s state budget also dramatically increased the small business set-aside for R&D credits from $3.6 million to $11 million, which enabled small businesses to receive 100 percent of the credits for which they applied. In 2010, and prior to the Corbett administration’s changes, just $3.6 million of the $8.5 million in applications submitted by small businesses were funded.
For more info:
http://www.newpa.com/find-and-apply-for-funding/funding-and-program-finder/research-and-development-tax-credit
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