Hon Dr AYESHA VERRALL (Minister of Research, Science and Innovation): This morning, I was pleased to announce that the Research and Development Tax Incentive has supported over $1 billion in research and development activity in New Zealand. The Research and Development Tax Incentive provides a 15 percent tax credit for businesses performing eligible research and development activities in New Zealand. This milestone represents $150 million in tax credits allocated over the first two years of the scheme.