In our most recent webinar of the Manufacturers Workforce Summit Series, we highlighted the Needs Assessment service CTmrg provides CT manufacturers that we have offered for several years. When performing these assessments, many manufacturers tell us about issues they have for which free or low-cost support is available thanks to existing programs. Unfortunately, they either didn’t know about these programs or didn’t know they qualified for them.
When we perform a Needs Assessment, we cover everything from funding and workforce to specific tasks like Marketing, Human Resources, IT Management, etc. This not only helps us to uncover the pain points, it also allows us to match these needs with targeted solutions. These solutions often include money-saving programs that the manufacturers don’t even know about.
One such program is the R&D tax credit. Many manufacturers don’t think they’re large enough or don’t understand what would qualify. Here are just some ways manufacturers qualify for the dollar for dollar tax credit:
- You’ve designed or developed a new part or improved an existing product
- You’ve improved your manufacturing processes
- You’ve paid $300,000 or more annually in wages or for outside service providers or materials related to R&D
- Your revenues are as little as $2 million a year
One sporting goods manufacturer who invested in their business and was able to take advantage of the program has seen a total savings of $300,000! The business has been around for more than 40 years but it’s in just the past 10 years that they’ve been receiving their R&D tax credit. Here is their case study.
Thanks to Sean McKirdy with Source Advisors for sharing this information with us and for being one of our CTmrg board members. He’s just one of the many resources with CTmrg that is dedicated to the success of CT manufacturers. If you’re interested in getting a Needs Assessment, please contact firstname.lastname@example.org.