A Tax Credit to Benefit the Wine Industry

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The age old question: to wine or not to wine?

While the answer is always “yes” to wine, the Research and Development (R&D) tax credit should be giving winemakers (and wine drinkers) even more reason to celebrate.

The R&D tax credit could be making Northern California Wineries hundreds of thousands of dollars in tax credits each year, many winemakers are failing to even realize its existence. Those that are aware of the credit are unsure of its meaning and eligibility requirements.

Any company within in any industry is eligible for the credit if they substantiate their activities and satisfy the 4-part test.

With our video database, it is easy to understand the credit. The specialists at Swanson Reed have also put together case studies outlining real business situations and explaining how and why these businesses qualify for the credit.

If you’re a winemaker then the manufacturing and food beverage case studies should be of great help.

Want to find out if you are eligible for the tax credit? Click here

Are you a start-up business that is conducting in R&D, but just hasn’t made a profit yet? No problem, click here.

Our specialists at Swanson Reed are always on hand to discuss the best options for you and your business. Contact us now to learn more about the tax credit and your opportunities.

California Companies Lead Nation in R&D Spending and Performance

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According to a new report from the National Center for Science and Engineering Statistics, California spent $77 billion on self-funded business research and development (R&D), accounting for 30% of the total  $255 billion of R&D companies conducted and paid for in the United States in 2013.

California is up 5% on R&D spending from the last study performed five years ago. In fact, from 2008 to 2013, California’s R&D performance was growing at a quicker rate than its economy as a whole. This resulted in its ratio of business R&D to GDP to escalate from 2.8% to 3.5%.

Within California, the top two areas of self-funded business R&D performance include the San Jose-San Francisco-Oakland area and the Los Angeles-Long Beach area. No single industry dominated in the Los Angeles-Long Beach area, but to no-one’s surprise, computer and electronics manufacturing reigned king in the San Jose-San Francisco- Oakland area.

California isn’t the only state paying big bucks when it comes to research and development. Interestingly enough, only five states make up over half of the total $255 billion spend. The other four include Massachusetts, Michigan, Texas and Washington.

The top ten business R&D performance states are:

  1. California – $77 billion
  2. Massachusetts – $14 billion
  3. Michigan – $14 billion
  4. Washington – $14 billion
  5. Texas – $13 billion
  6. Illinois- $12 billion
  7. New Jersey – $12 billion
  8. Pennsylvania – $10 billion
  9. New York – $9 billion
  10. Minnesota – $6 billion

If you’re a business that pays for and performs R&D in your state, contact us to find out what type of benefits you could receive in the form of tax credits. Click here to learn if your state offers an R&D tax credit on the state level.