This exploratory study examines the potential overlap between projects funded through European funding instruments—specifically, the Recovery and Resilience Plan (RRP) and Portugal 2020—and those used to justify granting Investment Tax Benefits (ITB). It also aims to identify and characterize companies that simultaneously benefited from both ITB and European funds between 2020 and 2023. The purpose is to assess whether public support mechanisms (tax incentives and European funding) are being allocated to the same companies, possibly for the same projects, and to detect patterns in the characteristics of these beneficiaries. Results indicate that approximately 30% of companies receiving ITB also implemented at least one project financed by European funds during the same period. Moreover, 42% of the total ITB amount granted was allocated to companies that also received European funding, suggesting a significant overlap in public financing. Most of these companies are geographically concentrated in the North and Center regions of Portugal, with a strong presence in the manufacturing sector, particularly in terms of project volume and funding amount. These findings contribute to the academic and policy debate on public investment support by providing empirical evidence on the interaction between fiscal and financial incentives. The findings offer evidence to support the eventual revision of eligibility and oversight criteria for these instruments, aiming to enhance the equity and efficiency of public resource allocation.