Research and Development

Determining R&D Tax Credits: Use The Estimator

March 4, 2015 by njmepdevadmin

Every year, businesses can apply for a variety of Research and Development (R&D) tax credits, offered at both the state and federal level. R&D tax credits were first implemented in 1981, with the goal of encouraging businesses to become more creative and competitive as they utilize their own research and development with their specific products. In the past forty years, many businesses have their own R&D departments already, but not many are taking full advantage of the tax credits offered. The New Jersey Manufacturing Extension Program (NJMEP) can help manufacturers with this!
A manufacturing business can work with NJMEP to determine all the tax credits they could potentially qualify for, as well as any credits that might interest them in the future. Your company may qualify for extensive credits if your research expenditures meet the Federal requirements. These R&D credits may be applied to taxes due or to future tax liability. They may be retroactive for three years in addition to the current year and carry forward for twenty years.

In addition to the free consultations NJMEP can provide for your business, they also offer a complimentary Research Tax Credit Estimator. A manufacturer can download this Excel program, and after plugging in various data and information about their business, will have a rough estimate of their company’s qualified tax credits.

In the past, this estimator has saved a variety of NJ manufacturers thousands of dollars in saved taxes—for example, a manufacturer who utilized injection molders saved up to $385,000 in tax credits after working with NJMEP. That is an amazing accomplishment, and something that almost every injection molder manufacturer can utilize.

For more information about how to qualify for R&D tax credits, contact NJMEP with any questions or comments, and download the R&D Tax Credit Estimator below!

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General Information

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It is the responsibility of the resource to avail NJMEP of any changes to the status at any point.

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Include a response to the following questions, either here, in an email cover letter or in an electronic copy of your service description (samples and blanks are included on the NJEMP website)

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What do you do? How will NJMEP’s clients benefit from your services? How can NJMEP's account managers, who are sales consultants, identify and qualify potential clients? How do you price your services? How can we create a win-win-win situation for the client, you and NJMEP?

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Please rank, in order of their importance, up to four of the expertise codes listed below, which best describe your particular area(s) of expertise:

1. Automation / Robotics
2. Business Systems / Business Management
3. CAD/CAM/CAE
4. Control Systems / Integration
5. EDI / Communications
6. Environmental
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9. Human Resources
10. Market Development
11. Material Engineering
12. Plant Layout / Manufacturing Cells
13. Process Improvements
14. Product Development and Design
15. Quality / Inspection

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Industry focus

Please rank in the order of their importance, up to four of the industry codes listed below, which best describe the particular industry(ies) with which you have worked.

1. Food Products
2. Tobacco Products
3. Textile Mill Products
4. Apparel and Other Textile Products
5. Lumber and Wood Products
6. Furniture and Fixtures
7. Paper and Allied Paper
8. Printing and Publishing
9. Chemical and Allied Products
10. Petroleum and Coal Products

11. Rubber and Misc. Plastic Products
12. Leather Products
13. Stone, Clay, Glass Products
14. Primary Metal Industries
15. Fabricated Metal Products
16. Industrial Machinery and Equipment
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Non-Competition:

Consultant hereby agrees and covenants that during, and for one (1) full year after expiration or termination of the Agreement, Consultant shall not, in the State of New Jersey, either as principal, partner, agent, employee, director, officer or in any other capacity whatsoever: (1) perform, directly or indirectly, any services similar to those provided by NJMEP and/or its affiliates and/or subsidiaries to or on behalf of any individual, firm, partnership, company, corporation and/or other entity to whom NJMEP introduced the Consultant and/or for whom Consultant performed services in connection with the Agreement or (2) solicit any business similar to the business engaged in by NJMEP from any individual, firm, partnership, company, corporation and/or other entity to whom NJMEP introduced the Consultant and/or for whom Consultant performed services in connection with the Agreement.

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Determining R&D Tax Credits: Use The Estimator

General Information

Contact Information

Organization Information

Qualifications

References

Non-Competition:

Attachments

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