Can I Claim R&D Tax Credits in New York?
Yes, you can claim R&D tax credits in New York. The state offers a research and development tax credit program known as the Excelsior Research and Development Tax Credit Life Sciences Research and Development Tax Credit.
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The Research and Development Tax Credit (R&D) is a tax credit available to businesses of all sizes that engage in R&D within the United States. This credit is not limited to scientists and research labs; it can be utilized by a variety of businesses and industries. The R&D tax credit was designed to encourage research and development activity within the United States. Over time, an increasing number of companies have been utilizing this tax credit, recognizing its value. Moreover, the enactment of the Protecting Americans from Tax Hikes (PATH) Act in 2015 made the R&D tax credits a permanent fixture, offering the same benefits to startups as well.
What are the Potential Benefits of the R&D Tax Credit?
Companies that qualify can save a substantial amount of money by using R&D tax credits. These benefits include:
- Increasing Cash Flow
- Federal and State Dollar-for-Dollar Income Tax Reduction
- Claim Credits for Open Tax Years Going Back 3-4 Years
- Reducing Your Tax Rate
$1.6 BILLION
Who Can Claim the R&D Tax Credit?
R&D tax credits are not limited to scientific researchers or creators of groundbreaking products. They encompass a much broader range of activities than most people realize.
Companies, regardless of their size or industry, can qualify for Research and Development (R&D) Tax Credits as long as they meet the government's criteria for innovative activities. Unfortunately, many companies are unaware of their eligibility and are missing out on substantial federal and state tax credits. Don't miss the opportunity to claim the money that is rightfully yours. Learn about the R&D tax credits available to your company and take advantage of this valuable benefit.
The activities that qualify for the R&D tax credit are the same ones driving growth in your business.
- Developed new products
- Improved existing products
- Developed software for internal or external use
- Improved manufacturing processes
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The activities that qualify for the New York R&D tax credit are the same ones driving growth in your business.
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10,700
How Do I Claim the R&D Tax Credit?
To claim New York state tax credits, businesses must submit a consolidated funding application to their respective Empire State Development (ESD) regional office. Upon approval, the business must meet job and investment requirements to receive tax credits. Businesses must file their tax returns on time to claim the credits and submit a performance report within 30 days of the end of the taxable year to receive a certificate of tax credit for succeeding tax periods.