The metals and alloys industries support businesses involved in manufacturing, engineering, and defense. There is a substantial amount of research and development (R&D) involved in creating materials that satisfy client specifications. If your company is conducting tests, improving products and processes, or inventing novel metal and alloy production technologies, it may be eligible to claim the R&D Tax Credit. Federal and state credits can help your company offset the costs of innovation, and provide much-needed capital to reinvest in the business.
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 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 what your potential state tax credit!