Agriculture based R&D Provides Many Incentives
The Research and Development Tax Credit is not just centered around innovation but creates and encourages innovation. Without innovation, nothing can exist.
Many agricultural and farming based companies across the country are unaware of how the Research and Development Tax Credit can help their business. Because these companies typically have to be innovative to survive, receiving a tax credit on these practices and processes can allow for even more innovation and expansion to occur.
In the agricultural sphere, designing, researching and improving new products can count towards a credit in this tax incentive. Fostering a new irrigation system or developing new disease resistant crops for livestock as well as research towards developing solutions to current and future agricultural problems can also be credited towards the R&D tax incentive.
What Does This Mean For Texas?
Under the R&D Tax Credit qualifications, companies from almost every industry including aerospace, public sector, pharmaceuticals, manufacturing, construction and agricultural and farming can apply for these credits. Universities and Higher Education can benefit from these tax credits as well. Texas A&M AgriLife Research is ranked #1 in term of Research and Development spending in the country with over $176 million spent on agricultural research in 2012, helping to improve lives across Texas and the world by discovering and conducting important scientific research.
By utilizing Research and Development Tax Credits, innovation is made possible and Texas has grown from an oil-dependent state to that of a diversified economy who is at the forefront of innovation. These tax incentives will continue to provide organizations with that extra help when they need it and even make continued research possible. With over 99,000 agricultural companies in Texas, these organizations can take advantage of all the benefits that the R&D tax incentive as to offer.