Manufacturers will also benefit from expanded R&D tax credit benefits.
More benefit from the credit means more cash available to manufacturers.
Key highlights from the R&D Credit expansion:
- The Credit Is Now Permanent.
- Eligible Small Businesses Can Use the Credit to Offset Alternative Minimum Tax.
- Qualified Start-up Businesses Can Use the Credit to Offset FICA Tax.
- IRS Noted Increasing Importance of Internal Use Software.
- Website Design Costs for Third Party Interface.
For details—including examples of R&D activities, and specific New York State opportunities—download the full article from May's edition of The Bottom Line, co-authored by Freed Maxick CPAs and Tax Practice Directors, Samuel C. DiSalvo, CPA and Don L. Warrant, CPA.
Manufacturers conducting research activities should review their eligibility for federal and state level R&D credits. It is not uncommon for manufacturers to miss opportunities. For help minimizing or lowering your tax burden, contact us.