Automation has drastically changed the way we produce and consume everything, from cars to potato chips. Automated manufacturing processes increase efficiencies, reduce errors, and prevent on-the-job injuries to workers. With the advent of Industry 4.0 and advanced artificial intelligence (AI) capabilities, the software and data analytics components of robotics manufacturing are playing a larger role in this rapidly-evolving industry. If your company is innovating in this space, it is likely that it qualifies for significant research and development (R&D) tax incentives.
Employee wages, raw materials and supplies, cloud computer rental, 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:
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!