The life science industry, with its continuous drive for innovation and improvement, is an excellent candidate for the research and development (R&D) tax credit. Companies operating in this sector are frequently creating unique solutions used in lab automation equipment, workflow management software, reagents, and consumable components necessary for diagnostic testing.
Not only are original equipment manufacturers (OEMs) who design and sell laboratory diagnostic testing equipment and accompanying assays eligible, but also a wide array of ancillary businesses that support the life science industry. This includes companies providing complex machining of prototype components, custom manufacturing equipment, and manufacturing process design services.
The R&D tax credit can deliver significant financial benefits to companies directly selling products and services to the global life science market. Moreover, it can also provide financial aid to businesses that support the industry. By making it economically viable to invest in research and development, the R&D tax credit aids in driving the industry forward, enabling continuous innovation and improvement in the life science sector.
The R&D tax credit can help a wide variety of businesses offset and reduce their income tax liability, in addition to providing many other benefits. Our team of experienced CPAs, attorneys, engineers, and technology experts helps companies save money and create cash flow with R&D tax credits that can then help drive overall growth.