Manufacturing Firm Case Study
|Item||Average Annual Amount|
|Qualified Research Expenses (QREs)||$1,100,000|
|Net Federal Credits||$72,000|
|Net State Credits||$12,000|
|Total Net Federal and State Credits||$84,000|
The R&D tax credit is one of the most powerful incentives in the tax code. Due to the broad definition of "qualified research", businesses in nearly every industry take advantage of the credit. To see what activities may qualify, check out the Industries page to learn about R&D in your industry.
The R&D tax credit is based on "qualified research expenses" (QREs) - for every dollar spent on QREs, you can earn up to $0.15 in tax credits! The R&D tax credit is a federal incentive, but many states also offer their own versions, which means even more opportunities for tax savings.
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"We were not previously taking advantage of the R&D Tax Credit because we did not know that the construction industry qualified. However, BRAYN presented us with a complementary Phase 1 Assessment ... [that] was essential in helping us understand possible benefits. We were under a very constrained timeline to complete the study before our statute and filing deadlines and BRAYN followed through on everything as promised and delivered results that exceeded my expectations, all while collaborating effectively with our team and our CPA firm to make this a very seamless effort with a great benefit."
-Cheryl Osborn, President of Casco Contractors, Inc.