Research and Development Tax Credit – Benefits

  • Generally, a Federal tax credit of 13% of Qualified Research Expenses over a base amount.
  • Can take the tax credit for all open years – generally, the last three years plus the current year.
  • Tax credits not refunded immediately can be carried forward for 20 years.
  • Recent tax regulations are taxpayer friendly and bring additional benefits.
  • State tax credits may also be available.

A Company Involved in the Following Activities May Qualify For the R&D Tax Credit

  • Manufacture products
  • Develop new, improved, or more reliable products/processes/formulas
  • Develop prototypes or models (including computer generated models)
  • Design tools, jigs, molds, and dies
  • Develop or apply for patents
  • Perform certification testing
  • Conduct testing of new concepts and technology
  • Development of new technology
  • Attempt the use of new materials
  • Add new equipment
  • Perform environmental testing
  • Develop, implement or upgrade systems and/or software
  • Develop production control software
  • Improve or build new manufacturing facilities
  • Automate/streamline internal processes
  • Expend resources on outside consultants/contractors to do any of the above stated activities

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