R&D Tax Credits for Chemical Companies

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Is My Chemical Company Eligible For R&D Tax Credits?

The chemical manufacturing industry has significant opportunity to take advantage of R&D tax credit benefits. These companies play a major role in producing industrial chemicals that are used in developing and improving products. They also play a role in innovating manufacturing processes to maximize efficiencies and reduce waste, often utilizing new technologies to stay competitive.

The R&D tax credit program incentivizes companies for keeping technical jobs based in the United States. Rewarding companies for these types of investments offers a way to refuel the cycle of innovation, generating capital for companies to hire additional technical personnel and expand its development capabilities.

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January 28, 2021 No Comments

Specific Examples of Qualified Activities

Generally, if employees are attempting to develop or improve products or processes by way of functionality, performance, reliability, or quality and encounter some level of technical uncertainty there will likely be elements of qualified research activities(“QRA”) that may be quantified and translated into cash back for the company.

Developing and testing new or improvements to products or processes to improve the overall functionality, performance, quality or reliability of that product or process
Designing tools, molds, or dies
OpEx and continuous improvement related to the manufacturing activities to reduce scrap or increase production throughputs
Designing and implementing automation tools using artificial intelligence, big data, or machine learning to automate phases of a manufacturing process
Designing, developing (e.g., 3D models, computer simulations), or testing prototypes
Reformulations of existing products
Testing materials or material alternatives to evaluate its quality or functionality for a specific product
Attempting to develop supply chain efficiencies throughout the product development life cycle
Attempting to reduce the cost of developing and manufacturing products
Scaling up production of new or improved product from the lab to the manufacturing facility
New plant and new equipment startups
Debottlenecking

Estimate Your R&D Tax Credit
Savings Potential

GTM’s R&D Tax Credit Calculator is a quick way to analyze your company’s data and identify opportunities to increase cash flow through R&D Tax Credits. Results will be returned to you via the email address you provided within a few minutes of your submission.

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GTM’s Service Provider ROI Calculator is a quick way to assess if the fees you’re currently paying to an outsourced provider for R&D Tax Credit services can be reduced by switching to GTM. Results will be returned to you via the email address you provided within a few minutes of your submission.

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Research & Development Tax Credit Expertise When You Need It

Budget constraints and talent shortages often leave domestic and multinational companies lacking in dedicated in-house resources that have the time or proficiency to manage the R&D tax, cost segregation, and other credits and incentives functions.

GTM addresses your R&D tax needs without adding full-time overhead to your business. Our team of R&D tax consultants work side-by-side with you to identify and maximize key savings opportunities wherever you are, whether local, national, or international. We can help you avoid paying unnecessary taxes, obtain tax refunds, manage operational costs, and enhance the economic value of company initiatives.