R&D spending hits NZ$1bn mark in tax credits scheme

Tax incentive has boosted spending in areas including aerospace, New Zealand’s research minister says

New Zealand’s R&D Tax Incentive has supported a total of NZ$1 billion in industry spending, according to research minister Ayesha Verrall.

The two-year-old scheme has paid out NZ$150 million in tax credits, Verrall said. The scheme pays a 15 per cent credit, meaning NZ$1bn has been spent to earn the credits.