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Life science companies generate a significant portion of the annual R&D tax credits claimed. Yet, the majority of startups and small-to-midsize businesses do not take advantage of federal, state, and local tax credits.
Not capitalizing on the R&D tax credit is like leaving money on the table according to ADP, BIO's preferred tax credit partner.
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An Opportunity for Small & Midsized Companies
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Did you know that small and medium-sized companies generate more than two-thirds of the clinical candidates in the pharma and biotech industry?
High wages and significant lab supply costs frequently yield strong R&D tax credits for businesses developing these drugs and therapies cites ADP in a recent article. In addition, regulatory and safety requirements that require repetitive testing and third-party verification can increase credit returns.
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What are other R&D activities that generally qualify for the R&D tax credit?
- Product design, development, and testing new scientific theories and research methods
- Designing new drugs, chemical compounds or medical devices
- Design and execution in experiments or trials
- Creation of therapeutics, repurposing or reformulating existing drugs
- Prototypes of new products or extending the shelf life of existing products
- Establishing new technologies to further telemedicine
- Creating or improving engineering processes
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Additional Member Benefits
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20% discount on ADP R&D tax credit services, as well as:
- A free initial assessment to estimate the potential federal & state R&D tax credits for which your company may be eligible;
- Refund clause included in every R&D tax credit engagement;
- A thorough study reviewing qualified expenses delivered by a team of experienced tax professionals; and
- Access to a dedicated team of R&D experts who are trained to help you maximize your credits.
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Share this with your company’s executive leadership, finance and accounting teams to learn how we can help you get the R&D tax credit for which you might be eligible.
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