Companies in these industries could benefit from a research and development tax credit study. The innovation required to create innovative, yet functional, designs and solutions is critical. You may think you need a laboratory or scientists to qualify, but that is not the case with many federal and state incentives.
Companies in the architectural industry have qualified for incentives by performing qualified activities. Do you design schematics? Have you created designs or evaluated new ways to construct structures? Have you created ways to improve energy efficiency? If you can answer yes to any of these questions, you could be a candidate to qualify.
Construction businesses across the board may qualify for the research and development incentive. Creating schematics or drawings, evaluating techniques to improve rigidity, or improving performance of a structure are just a few ways to qualify for the incentives.
TTG will help evaluate your activities and expenses to help you take full advantage of the incentives available.
Sub-industry:
Architecture
Qualifying Activities Include:
Designing systems, orientations, or facades
Creating master plans
Creating design documents and schematics
Researching LEED for purposes of certification
Case Study
Sub-industry: Architecture
Annual Revenue Range: Up to $3,000,000
Annual Federal Qualified Expenses: $350,000
Annual Federal Credit: $25,000
Sub-industry:
Construction
Qualifying Activities Include:
Researching and developing schematics or drawings
Evaluating construction techniques
Developing equipment
Creating HVAC solutions and systems
Designing electrical solutions and systems
Evaluating wiring, electrical conduit, aluminum, or copper alternatives