Research and Development Credits
The Manufacturing Incentives benefit is a Federal program designed for Companies that perform Manufacturing in the U.S. This program is listed under Section 41 or the IRC (Internal Revenue Code) and continues to be amended on an annual basis as the U.S. Manufacturing landscape continues to evolve. This is an engineered based program that focuses on a company's operations and processes in order to determine their qualification for incentives. The Manufacturing Incentives benefit provides an avenue to receive "tax money" back from prior years while also reducing current taxable income on a dollar-for-dollar basis.
Who and what qualifies as research and development (R&D) is much broader than most realize. Activities and costs related with developing or improving a product and/or process often qualify for R&D tax credits. Furthermore, enginering, design, testing, and programming are now included as Qualified Research Activities (QRE). Industries that most commonly qualify are:
- Manufacturing
- Fabrication
- Engineering
- Software Developers
- Chemical
- Tool & Die
- Machine Shops
- Plastics Manufacturers
- Pharmaceutical
- Biotechnology
- Food Sciences/Manufacturers
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