Meat and seafood processors must rely on substantial research and development (R&D) to successfully process livestock and aquaculture. Processing plants provide the space, technology, and equipment for meatpacking. If your plant improves the efficiency of operations, implements novel food handling techniques, or designs and builds new equipment, it may be eligible to claim the R&D Tax Credit. Businesses can take advantage of federal and state tax incentives to strengthen their workforce and reinvest in continued innovation.
Employee wages, raw materials and supplies, cloud computing expenses, and third-party contractor costs associated with research and development 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:
Do you have these job titles on your payroll, or do you hire third-party contractors to do these jobs?
Benefits for the R&D Tax Credit vary from state to state. Get an accurate estimate of what your potential state tax credit!