Innovations in the electronics design and manufacturing industry affect almost all aspects of our lives and the economy, including energy production, artificial intelligence, automobile safety and comfort, connectivity (IoT, the “Internet of Things), healthcare, and many others. Substantial investments in research and development (R&D) are needed to create sensors, micro- and nanoelectronics, optical instruments, printed circuit boards (PCBs), and other advanced technologies. A portion of these costs can be offset or recouped by claiming the R&D Tax Credit.
Employee wages, raw materials and supplies, cloud computing, 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 (or third-party contractor) operates.
Examples of qualifying activities:
Do you have these job titles on your payroll, or do you hire third-party contractors to do these jobs?
Use our R&D Tax Calculator to estimate your potential benefit, and partner with Strike to claim your tax benefits with no up-front costs. Contact one of our experts today.
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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!