Yeah this was passed with bi-partisan support. The idea was to help small businesses be able to take advantage of the R&D Credit that has existed since 1981. Since the amount could only before be claimed against Corporate Income Tax you couldn't utilize the credit unless you had profits to offset. Since most small businesses run at a loss or zero profit this was a solution to allow them to get the benefit.
Hi there. Another PM chiming in from Gusto on Federal R&D :).
While you may be eligible, you will need to make sure that you have filed Form 6765 with your 2016 Corporate Tax Return. The good news (I guess) is that if you didn't file this form you can amend you Corporate Tax Return (https://www.irs.gov/pub/irs-pdf/i6765.pdf). However, just be advised that the process to amend a corporate tax return is often pretty painful. So you may want to be sure that the credit will be worth your while.
It sounds like you are eligible, but I would double check with an accounting firm just to be sure. If you go to our accountant page (https://gusto.com/partners/find-an-accountant) look for "Offers R&D Tax Services" on their company listing. This should give you some very reputable firms to work with on your credit study.
