Miramar Beach-based TRCG Advisors, a member of the Gainesville Area Chamber of Commerce, recently laid out a user-friendly analysis of some recent changes in tax law for the benefit and understanding of Florida business owners.
In 2015, U.S. Congress passed the Protecting Americans from Tax Hikes Act (“PATH” Act) to support tax reform. This significant legislation enacted taxpayer-friendly measures, primarily extensions of expired tax provisions plus modifications to tax administration and other matters.
In Florida, the PATH Act serves to assist both startups and established enterprises. Startups in particular stand to receive refunds from an R&D credit. Companies grossing under $5 million are eligible for up to $250,000 in tax credits — reducing a firm’s tax liability for expenses.
Prior to the PATH Act, small businesses actually had to show a profit to use this credit. Now, they can earn the benefit through their payroll tax outlays. For firms of all sizes, this translates to approximately 6.5 percent of wages, supply costs and vendor expenses, whether the business deals in physical products or intellectual property, such as processes, software, formulas or inventions.
“TRCG is excited to have the opportunity to work with the high-impact startups the Chamber supports,” Managing Director Adam Weems said. “We joined the Gainesville Chamber to show our commitment to Florida’s developing innovation economy, and look forward to assisting companies who may qualify for the tax credits that are now available through the PATH Act.”
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