With the current state of the economy, companies within the coatings industry are looking at every avenue to increase their cash flow and thus their bottom line. Countless companies in the industry have recognized the value in pursuing the Research and Development (R&D) Tax Credit, which has become a financial windfall for many. This R&D Tax Credit is based on the innovative activities conducted by the companies within the industry.
One of the main drivers within the coating's industry is innovation. What may be news to many is that companies of all sizes creating that innovation are eligible for substantial tax relief under the Research and Development Tax Credit Program.
It may also be news to most companies that they do not have to be a large, multi-national conglomerate to take advantage of the program; numerous small and mid-sized companies are taking full advantage of the credit. In the tax world, R&D is defined much more broadly than in scientific circles. Research that qualifies companies for the R&D Tax Credit Program includes much more than new product development alone.