New ESIC Act to Bring Tax Credits to Clean Energy Innovation

Georgia Tech and NREL Will Collaborate on Energy Research

Energy innovators across the nation will delight to hear about the upcoming boost announced by Congress. This boost comes in the form of the Energy Sector Innovation Credit (ESIC) Act – a tax proposal which aims to encourage innovation specifically in the clean energy sector.The funding will offer incentives to those performing innovation, presented as tax credits, in an effort to bring their projects to the mass market.

As it is a tax credit, the amount you may be eligible to receive is proportional to the earnings of a project from market sales, helping to further remove the risk of technologies becoming over-reliant on tax credits to stay afloat. As your product scales up on the commercial marketplace, the credit slowly proportionally decreases. This method provides help when needed most, and fades out as the technology begins to stand on its own two feet. 

In the press release following the bill’s introduction, Senator Crapo explains: 

“ESIC will incentivize technology-wide clean energy innovation so new, clean technologies can rapidly scale up and compete independently in the market. Moreover, ESIC automatically scales down credits as technologies’ market penetration ramps up, so taxpayer dollars do not subsidize market-mature technologies. The U.S. is a leader in energy production because our robust economy allows for innovation and pathways to clean energy solutions…”

Are you developing new software for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

120Water to Monitor Potential COVID Outbreaks in Illinois

splashing-165192_640

120Water has announced their partnership with the Illinois Department of Public Health (IDPH) and Discovery Partners Institute (DPI). This partnership will provide the funding and technology needed for 120Water to conduct a statewide COVID-19 wastewater surveillance program. This county-level data will offer early warnings of any re-emerging COVID-19 outbreaks to public officials. 

120Water is a trusted advisor in water programs nationwide, offering cloud-based software and digital sampling kits to protect public health. They have developed testing procedures to detect SARS-CoV-2 RNA in wastewater sewage which can provide a 7 day leading indicator of outbreaks. This monitoring program was tested first in just 10 Illinois counties but, following success, will expand to all 102 counties by January. With accurate and rapid results, this could give public health officials the chance to respond immediately to any new outbreaks. 

Are you developing new software for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

PowerTech Water has Successful Series B Funding

PowerTech Water has Successful Series B Funding

Kentucky-based startup PowerTech Water announced the close of their successful series B venture capital round led by HG Ventures. This funding will go towards meeting the rising demand for its sustainable industrial water treatment and expand operations in Lexington.

This water infrastructure company has developed innovative methods for heavy metal removal in wastewater and process water systems. These developments include their ElectraMet, which uses chemical-free carbon electrode technology to treat and purify industrial wastewater. This technology can reduce the labor-intensive, chemical-based water treatment systems which are known to produce massive quantities of waste. ElectraMet does not require chemicals or membranes and has a higher energy efficiency than traditional  systems. 

In May, PowerTech was awarded a Small Business Research and Development (SBIR) Phase I grant to focus on selective recovery of copper from industrial wastewater. Their systems are applicable across a variety of industries including mining and municipal water treatment. With this variety in use, PowerTech constantly works towards innovating selective treatment capabilities to better suit individual needs. 

“We are excited to support Dr. Lippert and his team as they scale their business and establish themselves as a market leader in on-site water treatment”, said Ginger Rothrock of HG Ventures. “This team and technology solution are positioned to deliver automation, sustainability, and efficiency to a sector where innovation has lagged.”

Are you developing new software for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.