Package design, development, and manufacturing are integral to the pharmaceutical and medical device industries. Companies must also conform to FDA-approved guidelines, comply with legal and safety regulations, and satisfy retailer and supply chain requirements. This involves a considerable amount of research and development (R&D) on the part of design and packaging engineers. Many of these costs can be recouped through the R&D Tax Credit.
Employee wages, raw materials & 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.
Example activities that qualify:
Do you have these job titles on your payroll, or do you hire third-party contractors to do these jobs?
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.
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Benefits for the R&D Tax Credit vary from state to state. Get an accurate estimate of your potential state tax credit!
