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.

Coca-Cola is outsourcing its R&D to the public

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As consumers are constantly pushing for cleaner and healthier products, the beverage giant Coca-Cola is ramping up its efforts to uncover new non-sugar sweeteners for its portfolio of beverages and snacks. However Coca-Cola is taking a slightly different R&D approach with this project. The company has decided to outsource its R&D to the public to come up with a naturally sourced, low-calorie sugar alternative that mimics the taste of sugar.

Coca-cola has launched two sweetener campaigns on the HeroX platform, the first gives five individuals the chance to win $100,000 in prize money and the second is a grand prize of $1 million.

The first campaign is the ‘sweet story challenge’, which asks consumers around the world to submit written anecdotes and videos about their favorite methods of naturally sweetening foods and beverages in their cultures, communities or families.

The second challenge calls on researchers and scientists to find sugar alternatives that create the taste sensation of sugar when used in food and beverage. This challenge is the largest and offers the grand prize of $1 million which will be announced in October 2018.

The Chief Innovation Officer at Coca-cola believes that amazing ideas can come from anywhere and that it is vital to always search for newer and better ingredients. The two challenges are very much rooted in the company’s desire to make the drinks that consumers want to drink, and the company’s willingness to find sugar alternatives that help it deliver the great taste people love but in a health conscious manner.

Coca-Cola isn’t proving the be the only company to commit to reducing the amount of sugar in drinks, Dr Pepper Snapple and PepsiCo have also made similar pledges and companies such as KIND Healthy Snacks and Panera Bread have also been adamant about providing consumers with healthier options.

This inclusion of the public to finding solutions serves not only as a way to source new ideas but also to strengthen the brand and retain consumer trust.

Companies creating new knowledge on a global scale can apply for a federal or state R&D Tax Credit. To find out more about R&D and to assess your company’s eligibility, contact a Swanson Reed R&D Tax Advisor today. We look forward to speaking with you and guiding you through the R&D process.

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.

California company spends US$24 Million on R&D

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SunPower is a US high-efficiency PV cell and module producer. The company has recently invested approximately US$25 million over the past 12-months towards a research and development and pilot line facility located at its headquarters in San Jose, California.

The facility includes several high-volume production-sized manufacturing tools and automation, and specialized testing equipment, designed to support its next generation of high efficiency N-type monocrystalline IBC (Interdigitated Back Contact) solar cells and modules, which are being designed with greater emphasis on lower cost manufacturing.

SunPower places significant emphasis on producing the world’s best solar panels with technology developed and tested in Silicon Valley. In addition to this, SunPower also facilitates significant job creation, capital investment opportunities from equipment manufacturers and deals, and more affordable solar energy options for homes and businesses worldwide.

SunPower had the second highest expenditure from a basket of module manufacturers analysed in 2016, investing US$116.1 million, which is up from $99 million in 2015. Although the company’s R&D staffing levels did slightly fall from 449 in 2015 to 406 in 2016, the job opportunities to be created from the new R&D facility will significantly increase this number once again.

An R&D Tax credit can significantly support a business to further develop its research. If you would like to find out more about R&D tax and whether your company may qualify for an R&D tax credit, contact a Swanson Reed R&D tax specialist today, we look forward to speaking with you.

2017 R&D Awards Finalists Announced

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The 2017 R&D finalists have been announced today by the R&D Awards Committee and R&D magazine. This year will mark the 55th annual R&D 100 Awards program which honors the 100 most innovative technologies of the past year. The finalists were selected by an independent panel of more than 50 judges representing R&D leaders in a variety of fields.

The R&D 100 Awards are considered the most globally prestigious recognition of invention and innovation. The awards represent 100 of the top innovations across the categories: Analytical/Test, IT/Electrical, Mechanical Devices/Materials, Process/Prototyping, and software/Services.

The committee will also honor excellence with four special recognition awards to be presented, which will be from the categories; Market Distributor services, Market Distributor Products, Corporate Social Responsibility, and Green Tech.

This year the awards will be held in Orlando and they will be expanded to include the R&D 100 Conference, where industry professionals will have the opportunity to learn first-hand about critical advances in technology and science.

The R&D 100 Awards program was first established in 1963 and has since been an integral part of the R&D Magazine brand. Past winners have consisted of sophisticated testing equipment, innovative new materials, distributive chemistry breakthrough, new biomedical products, breakthrough consumer products, and new industry technologies, academia, and government.

Companies creating new knowledge on a global scale can apply for a federal or state R&D Tax Credit. To find out more about R&D and to assess your company’s eligibility, contact a Swanson Reed R&D Tax Advisor today. We look forward to speaking with you and guiding you through the R&D process.

European animal health company opening R&D site in Pennsylvania

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A European based animal health company is planning the opening of a research and development complex in Lincoln Pennsylvania.

Huvepharma is a Bulgarian based global pharmaceutical company which has a focus on developing, manufacturing and marketing animal health products.

The facility will consist of a 30,000 square-foot complex on an 8.6 acre site, which will focus on researching and producing vaccines, feed additives and animal health products.

Huvepharma plans to build two connected buildings on the site consisting of offices, microbiology labs and extensive animal research facilities, specializing in vaccine testing and development.

This Pennsylvania headquarters project is estimated to cost $4.67 million and will create several new jobs for local job seekers within the research industry. The facility will also spark additional business opportunities for suppliers in Pennsylvania and surrounding states.

A great amount of Huvepharma’s success lies in the internal R&D conducted and ultimately this has been a significant driving factor in making it such an established and successful global company. The following R&D center will aid in further strengthening and advancing its research and production and will allow for the company to continue growing and developing.

The Government offers significant Tax Credits to company’s incorporating R&D into their business. If you believe your business may be eligible, contact a Swanson Reed R&D Tax Advisor for an assessment.

Market leading company opens new R&D center is South Carolina

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Techtronic Industries (TTI) is the global leader in design, manufacturing and marketing of quality consumer, professional and industrial products. TTI has begun a $75 million expansion of its Power Equipment Group’s operations in Anderson County, South Carolina.  The expansion will consist of a new 300,000 square foot Innovation Center and the creation of approximately 250 new jobs over several years.

TTI’s presidents explained that their continued investment in the company’s people and product innovation is pivotal to the overall company successes. The new world-class research campus will provide an exceptional environment for fostering the development of talented associates and industry leading products.

The decision to carry out the expansion in Anderson County further strengthens the company’s position in South Carolina’s manufacturing industry. Additionally, the significant investment and the creation of new employment opportunities will make a positive difference to the lives of South Carolina residence.

The company has been continuing to grow and invest into research and development over the past years. Just two years ago it significantly invested into an $85 million distribution center project, which created 200 jobs, and now TTI continues its company growth and development plans with the following announcement of another significant investment.

Governor of South Carolina, Nikki Haley, looks forward to seeing the impact the fantastic company continues to have on the state for several years to come and TTI are optimistic about a successful and innovation filled future.

Is your company carrying out qualified research and development activities? Did you know it could qualify for an R&D State Tax Credit? Contact a Swanson Reed R&D Tax Advisor today to find out more and receive an eligibility assessment. We look forward to speaking with you.