Technological advances in the shipbuilding & marine manufacturing industries are creating impressive research and development (R&D) opportunities. If your shipbuilding company experiments with new tools and processes, improves ship designs, or builds on existing marine technology, it may be eligible for significant tax savings. Claiming the federal and state R&D Tax Credit can help offset the costs of these and other activities involving R&D.
Employee wages, raw materials and supplies, 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 your potential state tax credit!