Companies operating in the oil and gas industry may not realize that many of their activities may entitle them to generous research and development (R&D) tax incentives. Oil and gas companies spend a considerable amount of time and effort developing more efficient and effective ways to explore for oil and gas, produce it, transport it, and refine it. They also invest in the development of cleaner or more efficient fuels and hundreds of other activities. This applies to the thousands of smaller companies that provide services and materials to the oil & gas industry, as well as the big oil companies. Many of these activities may not occur in traditional laboratories or settings usually thought of as “research.” However, these activities require time and money that may be captured as qualified research expenditures leading to significant tax benefits. If you think you have to be a large, public corporation developing new products and inventions to be conducting qualified activities as defined by the Internal Revenue Code, think again.
Let alliantgroup’s oil and gas experts help you claim the credits that you deserve!