Nevada Patent of the Month – December 2023
Scandium International Mining Corp (SCY) has a portfolio of technology-driven mineral projects which aim to bring about a more efficient and greener global transportation sector. Recently, the company has been granted a patent for their technology which marks a significant stride in the extraction and processing of scandium, a rare and valuable metal.
This novel approach holds immense promise for industries ranging from aerospace to electronics. Scandium, known for its lightweight and high-strength properties, has been a sought-after element for enhancing the performance of various alloys. However, its limited availability posed a challenge to widespread utilization—until now.
SCY’s patented method introduces an efficient and environmentally conscious approach to extract scandium from its primary sources. The traditional extraction methods often involved complex and resource-intensive procedures, but this new technology streamlines the process, making it more economically viable. Their method leaches the valuable ore through a series of sulfuric acid baths and ion exchange resins.
The implications of this innovation are far-reaching. Industries relying on lightweight yet robust materials, such as aerospace and defense, stand to benefit significantly. The integration of scandium into aluminum alloys, for instance, can result in materials that are not only lighter but also possess enhanced strength and durability.
Furthermore, the technology aligns with the growing emphasis on sustainable practices within the mining sector. By optimizing the extraction process, SCY contributes to reducing the environmental impact traditionally associated with resource extraction.
Are you developing new technology for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.
Who We Are:
Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.
Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.
Are you eligible?
Why choose us?
Pass an Audit?
What is the R&D Tax Credit?
The Research & Experimentation Tax Credit (or R&D Tax Credit), is a general business tax credit under Internal Revenue Code section 41 for companies that incur research and development (R&D) costs in the United States. The credits are a tax incentive for performing qualified research in the United States, resulting in a credit to a tax return. For the first three years of R&D claims, 6% of the total qualified research expenses (QRE) form the gross credit. In the 4th year of claims and beyond, a base amount is calculated, and an adjusted expense line is multiplied times 14%. Click here to learn more.
Never miss a deadline again
Stay up to date on IRS processes
Discover R&D in your industry
R&D Tax Credit Preparation Services
Swanson Reed is one of the only companies in the United States to exclusively focus on R&D tax credit preparation. Swanson Reed provides state and federal R&D tax credit preparation and audit services to all 50 states.
If you have any questions or need further assistance, please call or email our CEO, Damian Smyth on (800) 986-4725.
Feel free to book a quick teleconference with one of our national R&D tax credit specialists at a time that is convenient for you.
R&D Tax Credit Audit Advisory Services
creditARMOR is a sophisticated R&D tax credit insurance and AI-driven risk management platform. It mitigates audit exposure by covering defense expenses, including CPA, tax attorney, and specialist consultant fees—delivering robust, compliant support for R&D credit claims. Click here for more information about R&D tax credit management and implementation.
Our Fees
Swanson Reed offers R&D tax credit preparation and audit services at our hourly rates of between $195 – $395 per hour. We are also able offer fixed fees and success fees in special circumstances. Learn more at https://www.swansonreed.com/about-us/research-tax-credit-consulting/our-fees/
Choose your state
