Agriculture

The agriculture industry is highly competitive and requires significant investments in research and development (R&D). If your farm deploys precision farming techniques, tests soils for crop health and expansion, or implements improvements in time-to-market, it may be eligible for significant tax savings. Farms that take advantage of the R&D Tax Credit at the federal and state levels can recoup a portion of their R&D expenditures, and reinvest much-needed capital into the business.

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:

• Developing new or improved food transportation processes (e.g. trucking, refrigeration) 
• Testing and implementing techniques to prevent damage from diseases and pests
• Developing techniques or equipment to maintain compliance with environmental regulations
• Improving farm facilities to ensure health and safety for workers, consultants, and scientists 
• Designing farm waste management systems with an energy-efficient approach or process (e.g. methane recapture)
  

Do you have these job titles on your payroll, or do you hire third-party contractors to do these jobs?

• Agricultural Engineers
• Agronomists
• Consultants
• Crop Managers
• Farm Managers
• Hydrologists
• Mechanics
• Plant / Soil Scientists

Use our R&D Tax Calculator to estimate your potential benefit, and partner with Strike to claim your tax benefits with no up-front costs. Contact one of our experts today.