On 19 April 2018, the Minister for Research, Science and Innovation announced the proposed implementation of a Research and Development tax incentive for New Zealand. It is proposed that the Growth Grant will be phased out over time with the introduction of the Tax Incentive, but will continue as normal until final decisions are made by the Government. It is being phased out because the Growth Grant and Tax Incentive fund similar types of activity and have a similar purpose.
The details of the Tax Incentive and proposed transition arrangements for Growth Grant customers were subject to public consultation which closed on Friday 1 June 2018. We are expecting decisions on both the Tax Incentive and transitional arrangements by mid-July.