Some agricultural businesses may think they don’t qualify for the credit, or may be aware of the credit and not take advantage of the incentive. The definition for the credit encompasses agricultural activities, including improvements and new innovations. The U.S. has put these incentives in place and wants these businesses to take full advantage of them. In doing so, agricultural businesses can continue steady and strong improvement and innovation in the Unites States.
Have you researched new ways to produce product to minimize costs? Have you changed a methodology to make improvements to processes or tried to maximize quality and production? Are you trying to improve, or create new, formulations? If you can answer yes to any of these questions, you could be a candidate. TTG will help evaluate your activities and expenses to help you take full advantage of the incentives available.
Sub-industry:
Brewery, Spirits, and Winemaking
Qualifying Activities Include:
Researching new ways to produce product to minimize costs
Developing new products to bring to market
Investing in ways to utilize new materials in products and processes
Testing new formulas for potential production
Researching machinery to add to the process
Case Study
Industry: Brewery
Revenue: $3,500,000
Annual Federal Qualified Expenses: $309,000
Annual Federal Credit: $26,000
Sub-industry:
Farming
Whether animal or produce, many farming organizations qualify.
Qualifying Activities Include:
Experimentation with new feeding methodologies
Evaluation or development of feed formulations
Creating new ways to optimize production
Improving product and/or processing quality
Developing new products to bring to market
Researching machinery to add to the process
Estimate Your Credit
Take a moment to complete the form below and allow us to estimate the amount of credits your company may be entitled to.