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In 1981 President Reagan created and implemented the federal R&D Program as well as other incentive programs. These incentives are designed to spur the economy by rewarding businesses over a wide range of industries for making improvements to their products, processes, or techniques. The credit is designed to encourage all size companies to invest in research & development activities including but not limited to design, prototyping, molding, testing materials, development, engineering, experimentation, trial and error, process improvement, software development, quality assurance and more.
The Federal Credits and the other 43 State Incentive Programs have been put in place over the years to reward companies that are thinking bigger and better about their products or services. Currently, the R&D credit and other related breaks save U.S. businesses more than $12 billion a year, as noted in the Washington Post.
That would be even larger if all eligible businesses actually applied for the credit. The R&D Incenitves are one of the most overlooked opportunities afforded businesses. Unfortunately, the vast majority of eligible companies are unaware of these benefits or how they may qualify. Most businesses do not have the ability to hire the Big Four Accounting firms to scour the Code and find all the incentives available, like the Amazons and Walmarts of the world.
For example, when a business makes any changes to the design or development process to make it more affordable, greener, or more efficient, the business could be earning credits. This credit can be applied to both new product development as well as the production side of manufacturing, software development, fabrication, machine shops, agriculture, architecture, biotechnology, as well as a broad range of other industries. These dollar for dollar credits may have a huge impact on your bottom line.
INDUSTRIES THAT QUALIFY
There are many different industries that may qualify for one or more Federal and State Incentives. The below are just a few:
Coatings and Adhesives
Construction (all types)
Oil and Gas Refineries
Plastic Injection Molding
Research and Development Facilities
Tool and Die
To name a few…