Automated Vehicles- The Next Big Thing for R&D in Fort-Worth Region

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Self-driving cars are set to be the next big thing in Texas, specifically in the Forth Worth region as congestion is a major issue. The U.S. ranks 16th overall for congestion, making the market for self-driving cars needed. The development of this product is something that is completely new and innovative. It requires experimentation in regards to safety, maintenance, etc. Research and development (R&D) tax credits is something that will be very useful in this industry.

Thomas Bamonte, the automated vehicles program manager is a team of one in the Fort-Worth region and is looking into the legality of having more vehicles on roads but increasing traffic flow at the same time with self-driving cars. Bamonte believes that before self-driving cars hit the market, there has to be a few changes. The focus may change from cement and road structure to back-end computing systems, digital technology within signs, traffic lights etc. R&D tax credits will benefit this industry due to the highly technological changes that will need to happen.

The changes that will need to happen to make the autonomous vehicle industry flourish are ongoing and still in the design stages. If your company is experimenting with new products or technologies contact a Swanson Reed R&D Tax Advisor today.

Thermal Energy Storage Market Expected to Progress Immensely Between 2017-2015

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The thermal energy storage market is expected to grow due to the rise in demand of thermal energy. Solar and wind energy can be conducted on the same site but the storage of the energy made is the issue. The high cost of the storage is the only downfall to this innovation. Developed countries like the U.S. have an advantage as they are able to claim research and development (R&D) tax credits during the process of the development of this technology.

The adverse effects of greenhouse gases has helped the thermal energy storage market become more of a need. The issue with renewable energy is that there is not enough space to store the energy that is being made. Solar and wind energy are available infrequently meaning that the thermal energy storage unit is needed to make the energy usable and the creation of energy worthwhile.

The downfall of this market is the high cost of the development and installation of this product. Companies in the U.S. have the opportunity to apply for R&D tax credits in order to aid in the cost of this new technology with up to 14% in credit. If your company is improving or developing a new product, contact a Swanson Reed R&D Tax Advisor today to check your eligibility.

Electric Scooter Transportation On The Rise

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By the end of 2017 the electric scooter market is expected to be valued at more than $8B with the market then jumping 3.9% to $12B by the end of 2027. Research and development (R&D) is being conducted in order to find the best hybrid scooter, and the most efficient way to charge the scooters, taking it from hours to minutes.

Charging stations producing a direct current need to be readily available, allowing scooters to be charged in less than an hour. Engineers are currently trying to find a way to provide direct current as opposed to alternating current being sourced from overhead grid lines. The nature of this project is eligible for R&D due to the experimentation relying on the engineering of these charging stations, and the increased performance of this transportation.

The sales of electric scooters made up 2% of the total number sold worldwide in 2015. In order for this to change these charging stations need to be readily available. With the help of R&D Tax Credits this can happen.

If you would like to check your eligibility for R&D, contact a Swanson Reed R&D Tax Advisor today.

R&D Tax Credit Opportunities within the 3D Printing Industry

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3D printing is expected to grow more than 31% every year, surpassing $1.4 billion in revenue in the U.S. alone. Startup businesses have the opportunity to apply for research and development (R&D) tax credits if they are producing new or improved products or services, including the materials and software associated with 3D printing.

The most difficult task for a startup is deciding which business model to use, including their manufacturing model. Startups are tending to favour 3D printed products, as they are more responsive than traditional manufacturing methods – being readily customizable, with a fast turnaround time and low production costs. The large investment in 3D printing has resulted in huge progress over the recent years. However, it is widely recognized that there is still considerable progress to be made. The significant research and experimentation being undertaken in this industry means it is a prime candidate for R&D tax funding.

All businesses have the opportunity to apply for the R&D Tax Credit, which is backed by both the Federal and State governments. Now is the time for 3D printing businesses to take advantage of the possible 14% R&D Tax Credit. If your company is experimenting with new technology or products, contact a Swanson Reed R&D Tax Advisor today to see if you are eligible to claim.

Research and Development Tax Credit Opportunity- 3D Printing With Foam

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3D printers have come a long way and offer benefits that traditional manufacturers can’t. Companies have been exploring the potential of 3D printers, leading to research and development (R&D) tax credit opportunities.

3D printing gives industries the ability to manufacture custom products at a low cost. Material scientists at the Lawrence Livermore National Laboratory have researched 3D printing with foam materials, finding printed products work better than mass manufactured ones in terms of durability and performance. R&D tax credits are available to all industries investigating new technologies, such as 3D printed products.  For example automotive companies using 3D printed foam to create prototypes would be eligible to claim.

NASA has expressed an interest in the use of 3D printed foam, offering $100,00 to the University of West Virginia to research the material. The R&D Tax Credit is even more beneficial in this case, federal returns allow an additional 20% credit when research and development is conducted through a university.

If your company is experimenting with new products or technologies please contact a Swanson Reed R&D Tax Advisor today, so we can help maximize your claim.

Our Homes Could Be Heated From The Earth- Geothermal Startup Created in R&D Lab

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Dandelion Energy, Inc. is a geothermal startup that was created in Alphabet, the research and development (R&D) lab of Google’s parent company. Dandelion believes that it can lower Hudson Valley’s energy costs and decrease their carbon footprint.

Vice President of marketing Katie Ullmann has said that they have already scheduled the installation of the geothermal technology in a number of homes. The system “uses the earth to regulate the temperature of a home,” deriving 75% of the energy from the earth and the other 25% from electricity. Dandelion and Hudson Solar have partnered up, in hope that homes will be able to run on clean energy alone, with Hudson using solar to provide the remaining 25%.

The R&D Tax Credit is available to all industries where companies are developing new or improved products or services. Startups as well as large companies can claim up to 14% back for their R&D activities. Companies such as Dandelion and Hudson are eligible to benefit from these R&D credits.

If you would like to find out how your company could benefit from R&D Tax Credits, contact a Swanson Reed R&D Specialist today.

 

Increase in R&D Activities Prove to Aid in Automotive Lithium Ion Battery Market

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The automotive lithium ion battery market is showing steady growth, thanks in part to an increase in research and development (R&D) funds provided by the R&D Tax Credit.

Many countries are trying to lower their dependency on gas and diesel for transportation, and focus more on sustainable fuels. This has been driving companies to look to alternative sources of energy. However, until recently there has been little advance in battery technology due to high production costs and a limited availability of the rare materials required. But with the rise in popularity of electric cars, the global lithium ion battery market is expected to increase rapidly; and R&D credits are fueling their development.

Along with R&D tax credits, there are a number of other incentives that the government is providing for this sector. The Internal Revenue Service (IRS) are giving tax credits of $2,500-$7,000 per electric vehicle purchased in the United States. with some states also providing rebates (e.g. $2,500 in California, $1,000 in Delaware and $5,000 in Colorado) towards the purchase of an electric vehicle.

These government incentives and the growing consumer desire to use clean fuels will continue to drive the demand for electric vehicles; and subsequently the demand for improved lithium ion batteries. R&D credits will prove invaluable in helping companies overcome the high cost of developing and improving new battery technologies.

Although the electric car market is still in its infancy, the projected future looks very promising, thanks in part to R&D Tax Credits. If you would like to find out how your company could benefit from R&D Tax Credits, contact a Swanson Reed R&D Tax Advisor today for an assessment.

New Hampshire’s High-Tech Industry on The Rise With $7 Million In R&D Tax Credits

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New Hampshire Governor Chris Sununu has issued a statement saying that $700 million will be given out to 200 New Hampshire businesses in 2017, meeting 92.4% of the total requested dollar amount for each company. This wasn’t all done by the Governor, but with the help of the Republican leadership and the Legislature, as well as the Senator Jeb Bradley who increased the Research and Development (R&D) tax credit from $2 million in 2008 to $7 million in 2017.

The reason for increasing the R&D Tax Credit for New Hampshire is the small economy of this area. Although most businesses are SMEs, they are high-tech focused and would benefit greatly from the increased R&D credits.

Governor Chris Sununu believes that the change in the R&D Tax Credit will send out a message that New Hampshire is now “open for business.” He is hoping that this change will promote a business-friendly environment that will spark company growth and job creation, thereby benefiting everyone.

The New Hampshire Legislature enacted an R&D tax credit in 2007 for businesses that paid taxes to the state of New Hampshire. In 2007 the Legislature designated $1,000,000 to be available for the next five fiscal years. In 2013 that was changed and a new Bill was passed changing the amount to $2,000,000, which was subsequently increased to $7,000,000 in 2015 (effective as of July of 2017).

Sununu believes that R&D is key to driving the future investment of businesses in New Hampshire. If you would like to find out how your business could benefit from R&D tax credits, contact a Swanson Reed R&D Tax Advisor today.

Chinese Made Tires- Foreign Investment with Georgia Tire Company

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Sentury Tire, a Chinese based tire manufacturer, is building a world class factory in Georgia, covering 450 acres in LaGrange. Once the factory is complete they hope to have three shifts a day with more than 100 workers on each shift, 100 specific maintenance positions, manual logistics employees, sales staff, as well as their own R&D center with 100 employees.

This new facility will present many opportunities for Sentury Tire North America (STNA), who are planning to optimize their manufacturing process and use new technology to streamline production. STNA plans to build and purchase 24 new machines for the factory and are keen on claiming R&D tax credits to help fund future technology acquisitions. They are also looking at different methods to minimize shipping costs and packaging time. These activities present opportunities to claim R&D tax credits, which can be used to provide further funding for development.

If you would like to find out how your company could benefit from R&D tax credits, contact a Swanson Reed R&D Tax Advisor today.