R&D Tax Credit Industries
Research and development doesn’t just take place in laboratories. Companies from a variety of industries can take advantage of Research and Development tax incentives.
R&D Tax Credit Qualifying Industries
Unique R&D activities exist within each industry and our talent has managed Fortune 500 projects in all of them, including the pharmaceutical, medical device, manufacturing, and defense space. In other words, each of these verticals has an industry fact-pattern and audit history that needs to be considered when qualifying R&D expenses; except for software development which is generally considered industry-agnostic. Below is an overview.
R&D Tax Credit Industry Statistics
| INDUSTRY | AVERAGE CREDIT |
|---|---|
| Agriculture, forestry, fishing, and hunting | 104,402 |
| Mining | 1,112,643 |
| Utilities | 992,443 |
| Construction | 82,818 |
| Manufacturing | 1,094,744 |
| Wholesale and retail trade | 800,105 |
| Transportation and warehousing | 318,688 |
| Information | 1,144,015 |
| Finance and insurance | 833,179 |
| Real estate, rental, and leasing | 526,941 |
| Professional, scientific, and technical services | 186,970 |
| Management of companies (holding companies) | 315,251 |
| Administrative support and waste management services | 104,542 |
| Various services [9] | 143,650 |
| TOTAL | 7,760,392 |
Have Questions? We’d Love To Hear From you!
We’re here to answer all of your R&D tax credit questions. Feel free to reach out here or call us at 330-228-2178.