Often, R&D credits are mistakenly assumed to apply only to the creation of a new product, but package designs for the products can also qualify for tax credits in a number of ways.
Shaun Yeh, national tax practice director for Tax Point Advisors, will be a featured program speaker at the ACEC Midwest States Conference on June 7th, 2019.
Companies across every industry throughout Illinois are continually investing in new and improved products to compete in the global economy. Extending the R&D state tax credits encourages them to invest those dollars right there in Illinois.
Efforts made to design and develop new products and manufacturing processes for improved performance and efficiency in the sunscreen industry can qualify for R&D tax credits.
If your company is conducting 3D metal printing research and development activities, you may qualify for and benefit from R&D tax credits.
Solar technology companies are an integral part of the renewable energy industry and often do not realize that their day to day activities could be eligible for federal and some state R&D tax credits.
There are many qualified activities cabinet and furniture businesses may not be aware of and eligibility isn’t limited to just the manufacturing area.
Most money managers are not aware the daily R&D activities taking place can be rewarded in federal and state research and development tax credits.
CPAs and taxpayers familiar with the Federal R&D tax credit program may not be fully aware of the scope of state R&D credits available across the United States.