{"id":7631,"date":"2022-06-24T11:15:32","date_gmt":"2022-06-24T10:15:32","guid":{"rendered":"https:\/\/www.imsm.com\/us\/?p=7631"},"modified":"2023-11-14T11:53:31","modified_gmt":"2023-11-14T11:53:31","slug":"the-hidden-advantages-of-iso-certification","status":"publish","type":"post","link":"https:\/\/www.imsm.com\/us\/news\/the-hidden-advantages-of-iso-certification\/","title":{"rendered":"The Hidden Advantages of ISO Certification"},"content":{"rendered":"

How R&D Tax Credit Can Be Useful When Implementing ISO<\/strong><\/h2>\n

Also known as the Research and Experimentation (R&E) tax credit, the R&D tax credit was introduced in 1981 under Internal Revenue Code Section 41 as ‘The Economic Recovery Tax Act (ERTA)\u2019<\/a> due to the widespread concern that U.S. economic performance had fallen well below its expected potential. The hope was that the ERTA would function as an economic stimulus to encourage investment within the United States.<\/p>\n

During this time, the country\u2019s decrease in economic growth, productivity gains, and competitiveness within the global marketplace were perceived by congress to be due to research spending declination. The credit was created to reduce the decline in U.S. research spending by providing an incentive that was premised on benefiting an increase in year-over-year research spending.<\/p>\n

Companies had to create or produce a new product, process, formula, software, technique, or invention to qualify for this tax. This qualifier means that companies can claim R&D Tax Credit from the cost of implementing ISO to improve processes and quality in their business.<\/p>\n

ISO Standards that could be applied to the R&D credit process include:<\/p>\n