The federal and state research and development credits are available to many companies in the energy, life sciences, construction and software industries.
The R&D credit has a four part test that companies must meet for it to be applicable:
- Permitted purpose – Develop a new or improve an existing function, performance, reliability, quality, or significant cost reduction
- Eliminate uncertainty – Eliminate uncertainty concerning capability, methodology, or appropriateness of design
- Technological in nature – Discover information that fundamentally relies on the principles of physical science, biological science, computer science or engineering
- Process of experimentation – Substantially all the activity constitutes elements of a process of experimentation
The credits are available for some activities where companies:
- Test new concepts or technologies
- Employ or contract with engineers, scientists or other technical personnel
- Develop or improve production processes
Triton has the expertise to maximize this valuable and under-utilized income tax credit:
- 21 years of R&D credit project experience
- Over 60 years combined energy industry experience
- Work with tax advisors & staff
- Provide feasibility studies at no charge