The semiconductor industry is integral to many other business sectors, including automotive, healthcare, defense, computing, and communications, among others. If your semiconductor company improves the processing power of chips, lowers the costs of products by implementing novel production efficiencies, or develops new testing procedures, it may be eligible to claim the Research and Development (R&D) Tax Credit. Federal and state R&D tax credits can save your company money that can be reinvested in furthering research and innovation.
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:
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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!
