Pictured from left to right: Mike Dodd, Sen. Todd Young, Scott McCutcheon
R&D Tax Credits Can Boost National Security
What’s the connection between R&D tax credits and defending the United States? It may sound unusual, however, there’s a clear connection.
The incentAdvise team spent two days at the Microelectronics Commons (Commons) event in Washington, D.C. speaking with innovative companies that are designing and building microchips used in everything from night vision equipment, hypersonic missiles, and sophisticated communications systems. Many of these companies had no idea they are eligible for a credit ranging from 1-3% of gross annual revenue for simply engaging in research and development activities.
At incentAdvise, we’re proud to support our nation by assisting the companies supporting our warfighters. R&D tax credits can mean hundreds of thousands—even millions of dollars—for these companies that are innovating and contributing to Commons. Commons is a Department of Defense initiative and part of the CHIPS & Science Act that will inject more than $250B in an effort to reshore research, development and advanced manufacturing to the United States.
We'd like to issue a special thanks to Senator Todd Young, co-author of CHIPS & Science for this transformational, bi-partisan legislation that will impact the U.S. for generations to come. Sen. Young is also author of the American Innovation and Jobs Act. This bi-partisan legislation revises and expands the deductibility of R&D expenditures and increases the R&D tax credit to 20% for startups.
It was a pleasure meeting with Sen. Todd Young as well as our colleauge and defense industry advisor, Mike Dodd, USMC (Ret.).