Does your business invest in energy-efficient building systems? If you are not currently benefitting from the section 179D or section 45L tax deductions, you could be losing out on thousands of dollars of tax savings. The good news is that these deductions were extended by Congress through December 31, 2020 and this extension also made these tax incentives retroactive back to the year 2016.
In July 2019, Senator Tom Tillis and Senator Maggie Hassan proposed a bill - The R&D Tax Credit Expansion Act, to expand the research and development (R&D) tax credits that can be taken against federal payroll taxes for startups and small businesses.
With a permanent R&D credit, taxpayers can more effectively plan and commit to long-term investments in their R&D and innovation.
For the first time since 1937, farmers will be allowed to legally grow industrial hemp throughout the United States thanks to the passing of the U.S. Farm Bill in 2018. Hemp is a versatile plant with thousands of applications across multiple industries.
Michigan Senate Bill 378 would reinstate the R&D tax credit.
Jeffrey Feingold, founder and managing shareholder of Tax Point Advisors, was recently featured in the recent blog for award-winning financial services software company Wave Apps.
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.
