From CubeSats to the International Space Station (ISS), satellite technology is indispensable to governments, the military, and the communications industry. Innovations have made it cheaper to send satellites into Earth’s low orbit to observe space, beam the Internet, and study our planet’s environmental conditions. If your company improves or implements new satellite technology, it may be eligible to claim the Research and Development (R&D) Tax Credit. The tax savings can provide much-needed capital to reinvest in employees, infrastructure, and additional innovation.
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?
Benefits for the R&D Tax Credit vary from state to state. Get an accurate estimate of what your potential state tax credit!