Sara Odendahl, our Director of Government Affairs and Strategic Initiatives, was in attendance at Senator Ron Wyden’s press conference in Bend on June 27. The Senator was in town working to build support for passing the Tax Relief for American Families and Workers Act, which includes R&D tax credits for businesses. Small businesses from various industries can potentially claim the R&D tax credit if they engage in qualifying research and development activities.
Three local businesses that would benefit from the tax credit spoke: OnBoard Dynamics (also the host), ColeBreit Engineering and SingleMind Consulting.
Below are examples of the types of small businesses that commonly claim the R&D tax credit:
Technology Startups: Startups in the technology sector often engage in significant research and development activities to develop innovative products or software solutions. These could include software development, hardware design, or technological advancements in fields like artificial intelligence, biotechnology, or renewable energy.
Manufacturing Companies: Small manufacturing businesses frequently invest in R&D to improve their manufacturing processes, develop new products, or enhance existing ones. This could involve prototyping, testing, and refining manufacturing methods to increase efficiency, reduce waste, or improve product quality.
Biotech and Pharmaceutical Companies: Small biotechnology and pharmaceutical firms often conduct extensive research to develop new drugs, medical devices, or treatments. R&D activities in this sector may include drug discovery, clinical trials, formulation development, and regulatory compliance.
Engineering and Design Firms: Engineering firms and design studios that specialize in creating custom solutions or prototypes may qualify for the R&D tax credit. These businesses often undertake innovative projects that involve solving complex technical problems or developing new products across various industries.
Software Development Companies: Small businesses involved in software development, including mobile app development, gaming studios, and IT consulting firms, may be eligible for the R&D tax credit. Activities such as coding, debugging, testing, and optimizing software can qualify as eligible R&D expenses.
Food and Beverage Industry: Small businesses in the food and beverage industry that innovate in product formulation, packaging, or production methods may qualify for the R&D tax credit. This could include developing new recipes, improving food safety protocols, or enhancing manufacturing processes.
Agricultural Technology (AgTech) Startups: Startups in the agricultural technology sector that focus on developing innovative farming methods, crop protection solutions, precision agriculture tools, or sustainable farming practices may be eligible for the R&D tax credit.
Renewable Energy Companies: Small businesses involved in renewable energy research, development, and implementation, such as solar, wind, or biomass energy firms, may qualify for the R&D tax credit. This includes efforts to improve energy efficiency, develop new technologies, or enhance renewable energy infrastructure.
The post Senator Ron Wyden’s June 27 Press Conference in Bend appeared first on Bend Chamber of Commerce.
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