Analytical research laboratories perform a range of activities involving chemical testing and materials analysis. Generally, these laboratories are considered third-party contractors for tax purposes. However, if your lab develops custom pipelines or assays - e.g. develops a new method to detect a specific component or analyte - certain costs incurred in developing these protocols can be recouped through the R&D Tax Credit.
Employee wages, raw materials & supplies, and third-party contractor costs associated with R&D activities are considered qualified research expenses (QREs). Companies can receive refunds of up to 22% of total QREs through federal and state tax credits, depending on the state in which your business operates.
Examples of qualifying activities:
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Benefits for the R&D Tax Credit vary from state to state. Get an accurate estimate of your potential state tax credit!