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Many companies are unaware of the $5 billion in federal and state tax credits that are given out annually. Approximately 80% of these dollars are given to Fortune 500 Corporations and MMB is assisting our clients in changing this statistic. Our tax department has significant experience in performing Federal R&D and NYS Qualified Emerging Technology Company (QETC) tax credit studies.
Many companies qualify - however they lack the in-house expertise needed to mine the information or become easily overwhelmed with the complexity of the tax laws. These credits are available to small to mid-sized companies who pay for or perform in-house services to develop or improve their product or production process and utilize any of the following sciences:
- Engineering
- Software development
- Computer sciences
- Biological sciences
- Physical sciences
- Life sciences
You do not have to operate a lab or high-tech company to qualify. Companies in almost every industry can claim these credits:
- Aerospace
- Automotive
- Biotech
- Chemical manufacturing
- Computer hardware
- Consumer products
- Distribution
- Energy
- Engineering services
- Financial services
- Food manufacturing
- Furniture
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- Government contracting
- Life sciences
- Manufacturing
- Medical manufacturing
- Oil and gas
- Pharmaceuticals
- Retail
- Services
- Software
- Telecommunications
- Transportation
- Utilities
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Tax Benefits:
- Lower federal income taxes up to 20% of qualified R&D expenses
- Reduced State income tax liability
- Refund claims for portion of NYS QETC credits that are refundable
- Refund claims for prior years overpaid income taxes
- Lower international taxes – most countries have tax credit programs
Non-tax Benefits:
- Many states offer subsidies and/or grant programs to fund research & development activities
- 0% or low interest loans available
For more information contact:
Jim Schnell
Rochester contact |
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Elmira contact |
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