Posted by on 02.05.20
San Antonio city staff announced they are set to lean on private companies and academic institutions to develop a new R&D program. On January 28th 2020, city staff introduced the idea during the City Council’s monthly Innovation and Technology Committee meeting, naming it the R&D League. The city has joined forces with the Southwest Research Institute, USAA, and the University of Texas at San Antonio. By taking a public private partnership approach, San Antonio recognizes it can learn and improve by bringing in outside expertise. The R&D League will work together to provide scientific tools to San Antonio and investigate new ideas to help city staff make data-driven decisions. The initiative has projects in the works for 2020 that were developed within the last six months. Each project team will test a hypothesis, report the results and recommend the next steps. The R&D League will advise and provide tools to the city to consider new ideas and make well informed, unbiased decisions on R&D projects that are community focused and benefit local residents. The development of this R&D League will create opportunities for experienced cross-sector teams of academics, engineers and scientists, as wells as city staff, to explore new ways to address the interests of their community.
R&D activities take place in every industry across the U.S., including City and County offices. The city of San Antonio is using The R&D League to pave the way for a transformation in how they interact in city services, immediately creating a more productive and efficient place to live, work and play.
R&D tax credits represent a significant financial advantage to businesses, allowing both reduced tax liability and cash back for reinvestment or other needs. Companies of all sizes qualify for the federal R&D tax credit and can benefit significantly. Additionally, 70% of states now offer specific state research and development tax credits. While more than 14,000 U.S. companies claim federal R&D credits annually, less than 33% of companies that qualify for the credits actually apply for them.
Tax Point Advisors, a team of engineers, CPAs and tax attorneys, focuses on helping CPAs and their clients successfully apply for federal and state tax credits, as well as other specialty tax services. With a growing number of offices across the country, we offer CPAs and their clients national expertise with a local touch. Our professionals conduct a thorough on-site R&D review process for every tax credit study. Tax Point Advisors' audit rate is under 5% and our industry-leading audit success is unmatched.
To learn more about the benefits of R&D tax credit services from Tax Point Advisors, simply fill out the form on this page and a member of our team will be in touch with you. Or, you may call us at 800.260-4138.