Tax credit as a tool of regional investment process regulation: international practice

State regulation of regional investment process is characterized by a wide set of tax tools among which a special place belongs to an investment tax credit. There is a strong demand for a tax credit abroad but it is not considered as a tax preference by Russian investors. It can be explained by the apparent contradiction between capital-intensive project which is a reason for getting a tax credit and few financial resources being generated as a result of not fulfilled tax liabilities on time. Simultaneously, the study of tax legislative and tax credit practice in the USA shows that extensive use of nonrefundable volume-based tax credits meets the main goal of this preference which is granting financial resources for investment.