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Manufacturing Your Way to Lower Taxes with the R&D Tax Credit

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Manufacturing Your Way to Lower Taxes with the R&D Tax Credit
Now that the country has been talked off the “fiscal cliff”, and with tax season underway, it’s time to explore whether your company can benefit from the R&D Tax Credit.
As they have done consistently since 1981, Congress passed legislation as part of the American Taxpayer Relief Act of 2012 extending the Research & Development tax credit. The new law extends the incentive retroactively back to January, 1st of 2012 and through December 31, 2013 A January 2012 survey of NTMA members found that over half of the respondents were utilizing the Research and Development (R&D) Tax Credit (that means half ARE NOT!).
Come learn about this underutilized part of the tax code, and hear how NTMA member, and newly elected Ohio State Rep. Mark Romanchuk, and his company PR Machine Works, has benefited from the R&D Tax Credit. In addition, Omar Nashashibi from The Franklin Partnership will discuss the current legislative happenings around the R&D Tax Credit in Washington.
Because they typically don’t have their own product line and are making parts for other companies, it’s widely believed that “Job Shop/Contract Manufacturers” do not perform Research and Development (R&D). “We get a drawing from our customer and we just make the part” is a common response from people that don’t understand how broad the definition of R&D is for tax credit purposes. However, what these companies don’t realize is that much of what takes place on a day-to-day basis in the “Job Shop/Contract Manufacturing environment” may qualify for the R&D Tax Credit, and may be causing these companies to leave substantial money on the table. 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, minimally into the many tens of thousands of dollars annually. In addition, companies can reduce future tax liabilities and improve cash flow. The webinar will explain what types of activities can qualify for the R&D Tax Credit, the things to consider, and the best way to approach the R&D Tax Credit.

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