The Research Tax Credit: An Underused Asset for Tech and Manufacturers

6633 18 Mile Road,Sterling Heights MI 48314

25 August, 2022

Description

There are more than 630,000 manufacturing businesses in the US, yet only 30% are claiming the Research Tax Credit (R&D Tax Credit). Despite being highly qualified, the manufacturing industry has several misconceptions about the R&D Tax Credit and how it works. Some companies are unaware of the program, others are unsure of what could qualify, and most do not know how to prepare the credit. What is the Research Tax Credit? The Research Tax Credit (RTC) is available to companies who are developing or improving products, processes, techniques, formulas, inventions, or software. You could easily qualify for the RTC if your business is related to technology, industrial production and design, but also machine shops, tool and die shops, and custom machine manufacturers can have strong claim profiles. Join Velocity Innovation Center and DST Advisory for this informative lunch and learn session to understand if your company can take advantage of this substantial benefit.