How Imperative is Water Innovation?
Undeniably, water is indispensable to life and the nation’s social, economic, and environmental well-being. For more than a century the United States’ h20 system has been one of the most reliable in the world. Today, it provides sufficient water to support over 315 million people, almost 55 million acres of irrigated farmland, and a $16 trillion economy. Yet the sector faces increasing pressures.
In particular, growth in population and the economy, along with urbanization and land-use changes, are threatening both water quality and the ability to meet demand. Looking to the future, climate change is expected to further stress water-systems in large parts of the country. In fact, according to the United Nations, 1.8 billion people will live in regions that face “absolute water scarcity” by 2025.
Solutions to the country’s growing water challenges lie, in part, with the development and adoption of new innovative technologies. The importance of water-related innovations has been realized by policy makers in recent years and is evident by its increasing inclusion in policy and research agendas and international discourse. As a result, federal and state research & development (R&D) tax credits are available to support the commercialization of advanced water technologies and potentially solve the growing worldwide crisis.
Indeed, innovative technologies will provide a partial solution to problem. The biggest challenge for both researchers and businesses trying to bring innovations to market lay in funding their projects. Making use of both federal and state R&D tax credits can help innovations come to market and address the water shortages the United States faces both now and in the future. Therefore, in order to further boost innovation in this vital sector, Swanson Reed has partnered with AccelerateH20 to assist companies with accessing the benefits of state and federal based tax incentives. Within the water industry, the federal and Texas state R&D Tax Credit laws apply to businesses that are performing eligible R&D activities, including participation in AccelerateH2O organized pilots and demonstration.