Companies that will most likely benefit have the following characteristics:
- Gross sales generally greater than $3,000,000
- Annual payroll generally greater than $1,000,000
- Zero or diminishing Net Operating Losses (NOL's)
To qualify for federal R&D Tax Credits, businesses have:
- Developed products or processes that have been developed using specific know-how that is treated as a trade secret or is patentable.
- Developed a new or improved product that advances the state of the art, and required one or more redesigns, simulations, mock-ups and/or experimental trials to achieve.
- Developed or incorporated a new technology in order to catch up to a competitor.
- Attempted to develop a product or process improvement but it was eventually abandoned. (A project does not have to be successful to be eligible).
- Incurred costs in any of the following:
- Development of new equipment or software
- Prototype products
- Production tooling
- Material consumed during testing
- Parts to refine a process
- Consultants or subcontractors
- Contracted test labs (e.g. UL, NEMA, FCC)_
If you qualify, please click here to apply for a complimentary estimate of benefits.