Many of the day-to-day activities that can be classified as an at-risk innovation investment could be eligible for this Tax Credit.
An improving economy has meant higher revenues, as well as a larger tax liability. One way to manage and minimize tax burden, which is often overlooked, is the Research and Development (R&D) Tax Credit. The R&D Tax Credit encourages U.S.-based manufacturers to innovate and invest back into their businesses in order to compete more effectively on a global basis. The R&D Tax Credit is not just for companies who develop and manufacture their own product line. Many of the day-to-day activities taking place in the "job shop" environment can qualify for the R&D Tax Credit. For companies that have not taken advantage of the R&D Tax Credit in the past, this can potentially mean the creation of immediate and substantial amounts of cash. In addition, companies can reduce future tax liabilities and improve cash flow.
The state of Pennsylvania has one of the best state R&D Tax Credits in the country. Catalyst Connection has partnered with Black Line Group to provide expertise in this subject tailored to Pennsylvania manufacturers. Black Line Group is an independent firm that focuses exclusively on providing R&D Tax Credit expertise to small and mid-size business owners.
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