Yes. Limited to US-based activities. The primary purpose of the R&D tax credit is to incentivize the performance of R&D activities in the US instead of off-shoring it to cheaper jurisdictions.

That makes sense.

So it really doesn't make much sense to outsource offshore during the seed stage of a start up.

Can R&D credits be applied to future year earnings?

Is there a time limit for retroactively claiming these?

Thank you!