In the late 70s, the United States was a global powerhouse, leading the charge in automobile manufacturing, launching major space program initiatives, and setting the pace for the global economy. However, in 1981, the United States faced economic turmoil and plunged into a recession. Worse still, the United States was in danger of becoming the world's largest middleman economy, with American professionals focused on careers in law and finance. This shift in direction was extremely troubling, as every major economic revolution in the modern era has been powered by technological advancement. In order for the United States to remain the global economic leader, a renewed emphasis on investing, training, and developing STEM professionals had to take hold. To do this, Congress introduced the research and development (R&D) tax credit. This credit was designed as a wage-based incentive to reward businesses for innovation and for employing professionals in STEM fields such as technology, software manufacturing, and engineering. 36 years later, the R&D tax credit is now permanent and remains the most powerful incentive available to American businesses in a wide variety of industries. However, less than 5% of eligible businesses claim the benefit of this powerful incentive. Furthermore, US business owners face a new problem. Studies have shown that in 2015, only 16% of American high school seniors were interested in pursuing careers in STEM. The United States has fallen behind internationally, now ranking 29th in mathematics and 22nd in science among industrialized nations. It's sad to see that while we were the leaders in STEM in the 50s, 60s, and 70s, we're now number 44. The concept of innovation and keeping those STEM jobs here is so near and dear to my heart, personally, as well as seeing what it does for the United States. It's beautiful to see what we're doing at...
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R&d tax credit irs Form: What You Should Know
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