New product R&D can be a pretty intimidating process. We understand it’s a difficult decision to invest resources in an unproven product. That’s exactly why one of our main priorities is to compress the development phase to deliver a refined product to market as soon as possible. Sometimes sooner than that! Rest assured, Catalyst pumps out innovation at the same urgent pace whether it’s for a Fortune 100 company or local startup.
Here’s some good news. Uncle Sam wants to see some good ol’ fashioned American innovation too! Qualifying research and development expenses can be taken off your federal tax bill. Additionally, there are currently 38 states which also offer a similar tax break for R&D expenses, including Indiana. These credits reward companies based on their attempt at designing or manufacturing a new product, not the project outcome.
Does your company:
- Employ degreed chemists, engineers, programmers or scientists?
- Develop or improve new products or processes?
- Build prototypes to test?
- Incur raw material costs during the product development/improvement process?
- Subcontract any engineering or testing functions?
Check with your favorite tax pro to take full advantage of the incentives available to your specific situation. Exploring these options could make a big difference in your R&D efforts and give you the confidence to tackle your next bold project. Partnering with Catalyst will help ensure you can quickly head to market with a successful product.