September 2022
Certain small businesses have qualified to take a tax credit for research and development costs since 2015. However, the Inflation Reduction Act (IRA) changed the credit, making it even more valuable for small businesses. The Protecting Americans from Tax Hikes (PATH) was enacted in 2015. It added a payroll tax credit for certain qualified small businesses. Before the PATH Act, companies could only use the credit to offset regular tax liabilities instead of the AMT.
