An overlooked source of cash for New York manufacturers is the Research and Development (R&D) tax credit. This incentive helps companies to grow by reducing its tax liability for qualified R&D expenditures.
The R&D Tax Credit is available for companies engaged in the development of new or improved products, processes, or software.
R&D credits may be applied to taxes due or to future tax liability, and they may be retroactive for three years in addition to the current year and carry forward for twenty years! These credits can additionally be used to reinvest in the company.
Qualifying costs include:
Tasks performed by Engineering, Executive Leadership, Legal, Sales Engineers,
Operations, and IT
Cost of supplies
Third-party contractor fees
First enacted in 1981, the R&D Credit is now permanent and expanded with new provisions that enable more companies to monetize the credit. The R&D Tax Credit helps stimulate U.S. businesses. This is particularly helpful for New York where there is an increased focus on innovation in manufacturing, design, and technology. Learn how companies in a variety of industries can offset research and development expenses each year by leveraging federal R&D Tax Credits.
Registered companies will receive a one-page complimentary summary of how the R&D tax credit may benefit their organization. The summary will be provided prior to the session for companies registered by February 3, 2021. It will be provided after the session for those registering after February 3, 2021
Andrea Albanese from R&D Tax Savers. R&D Tax Savers is one of the nation's leading R&D Tax Credit service providers. With completed projects throughout the country and in virtually every industry, the firm brings subject matter expertise to every client project.