New product research and development can be a pretty intricate and costly process.  We understand it’s a difficult decision to invest resources in an unproven product.  Well, did you know Uncle Sam wants to see some good ol’ fashioned American innovation?  Qualifying R&D expenses can be taken off your federal tax bill.  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.

Catalyst Product Development Group