Companies only get a small portion of their R&D spending back as a tax credit (I think up to 9%). So it promotes a bit of R&D spending on the margin (and incentivizes companies to categorize some expenses as R&D), but it's not driving all this spending on its own.
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I agree. It mostly incentivizes people to reclassify their accounting, not reclassify how they spend their money. Unfortunately. It's worth mentioning that 9% as a tax credit is a huge deal! It's a credit, not a deduction.
End of conversation
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