Many aerospace companies are unaware that the government offers generous research and development (R&D) incentive programs. Other companies are aware of the R&D Tax Credit, but fail to take full advantage due to misconceptions about the types of research and development activities that qualify. The fact is that a broad range of common aerospace industry practices will qualify for the credit under the Internal Revenue Code’s definition of R&D. Research and development is not limited to the work of dedicated scientists. Aerospace industry engineers, technologists, designers, and machinists often spend a substantial portion of their time developing superior designs and manufacturing practices in an effort to remain competitive. This continuous evolution of technologies provides ample opportunities for companies to take advantage of these tax incentive programs.
If your company operates in the aerospace industry, there is a strong chance that you would benefit from an R&D tax credit study. Let alliantgroup’s aerospace experts help you claim the credits that you deserve.