Mississippi Promotes Agricultural Development Through The R&D Tax Credit
Mississippi’s agricultural sector is central to the state’s economy. Agriculture in the region contributes approximately $7.4 billion in revenue, which is more than 20 percent of the total income in the state. The state has over 10.9 million acres of land and more than 37,100 farms containing a huge variety of livestock and crops. Broiler chickens are Mississippi’s top product, with around 740,000 broilers being produced annually.
Poultry processing plants use technology to increase efficiency and automate their activities. For instance, skimming is an effective way of removing water from poultry byproduct, which is being further developed to eliminate the need to add chemicals during the process. Other technological advancements in the field include using data entry terminals to track and automate the post-mortem inspection process. Sensors, robotics and low-cost imaging are critical components in these automated systems.
The research and development tax credit has helped in the development of many agricultural innovations in Mississippi, from 3D cameras and feed pusher robots to disease control. If your business is conducting research and development in the agricultural sector, contact Swanson Reed to find out whether you qualify for a tax offset.