Exploring Research and Development Tax Credits: Chemicals and Plastics |
Companies in the chemicals and plastics industry are experiencing resurgent profitability and expanding their global operations. It is expected that they will also invest more in research and development (R&D). You can address the cost and risk of research and development (R&D) by leveraging available federal, state, and local tax incentives.
Initiatives that may be eligible for R&D tax incentives include:
- Designing and developing production processes for new products, including Environmental Protection Agency compliance and testing
- Using new technology in the production process to increase yield or reduce waste, byproducts or environmental impact
- Creating specialized tools using new technology or developing prototype tooling
Whichever credit you explore, you must be prepared to defend reported R&D tax credits. The Deloitte Tax R&D team is a national practice of highly experienced tax professionals specializing in R&D tax incentives and includes former senior officials with the IRS and Treasury who participated in drafting the legislation and regulations. These specialists can help you identify qualified R&D activities and assemble documentation to defend your claim, based on their extensive knowledge of the law and your industry.
The Deloitte Tax R&D approach includes a customizable tool that helps to automate the computation and information gathering, and a Quality Assurance team that reviews deliverables and computations.
For more information, see the attachment below.
Research and Development Tax Incentives for the Chemicals and Plastics Inustry
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