Does your contracting company resolve technological challenges through the innovative use of products and processes?
As architects and engineers have raised the bar on innovation, the construction industry too has developed new processes and engineering solutions—solutions that could qualify for the research and development (R&D) tax credit. R&D credits represent a money-saving opportunity overlooked by countless contractors simply because they don’t understand the tax credit is available to them. What’s more, most states offer state R&D tax credits that can significantly reduce a contractor's state income tax burden.
Contrary to a common misperception, R&D tax credits are not limited to scientists and medical researchers. In fact, many of the activities conducted by contractors and subcontractors – particularly those working in the construction industry – do indeed qualify, and the benefit can mean tens of thousands of dollars in tax savings.
Any contracting or subcontracting engineering activity must meet the four-part test to qualify for R&D tax credits.
To learn more Tax Point Advisors’ R&D tax credit services for contractors in the construction industry, 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 nationwide.