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"When BIS first introduced us to available credits, I honestly thought they were designed for large tech companies. I never considered that a machine shop such as mine qualified to claim these benefits…"
"Research and development" goes far beyond test tubes and petri dishes. It's a lesson all businesses should take to heart, but particularly manufacturers.
Many manufacturers fail to apply for the credit as they deem their internal testing as unworthy of reward. This is absolutely false, especially considering how a contract manufacturers routinely receive federal and state credits for developing prototypes for production design parts.
While scientific experimentation is nice, it's not for putting a man on the moon—applied sciences definitely count and the trial-and-error testing completed on the factory floor is just as valid as that occurring in a lab. If a company is improving a product or improving how to make a product, it's all eligible. The R&D credit was designed by Congress to keep well-paying jobs in the United States, not to lead to a massive increase in patent applications. Small and medium-sized business owners frequently think that only Nobel Prize winners and rocket scientists should bother applying for the R&D credit.
While this incentive can be of extreme benefit to manufacturers, it is also complex, and fully identifying the proper substantiation for capturing the various credits requires a deep understanding of the tax code. BIS's practical experience in the disciplines of manufacturing engineering, industrial engineering, mechanical contracting, tool and die and ..... to work alongside our clients ensuring optimal results.
"Instead of tax loopholes that incentivize investment in overseas jobs, I'm proposing a more generous, permanent extension of the tax credit that goes to companies for all the research and innovation they do... right here in the United States of America." - President Barack Obama
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Improved R&D tax policy could generate as much as $13 billion in increased economic activity and create 97,000 new permanent jobs.
- Texas Association of Manufactures
Small and midsize companies don't know how to capture qualified research expenses and quantify them.
- Bloomberg Business Week
Many small businesses could save big bucks by taking advantage of the R&D credit long popular with larger companies. Often, accountants catering to small businesses simply aren't versed in the credit.
One of the biggest roadblocks for businesses taking tax credits and incentives if self-censorship.
Currently 43 U.S. states have their own tax credit laws that piggyback on the federal business development tax credit.
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