Research and Development Tax Credit Opportunity- 3D Printing With Foam
3D printers have come a long way and offer benefits that traditional manufacturers can’t. Companies have been exploring the potential of 3D printers, leading to research and development (R&D) tax credit opportunities.
3D printing gives industries the ability to manufacture custom products at a low cost. Material scientists at the Lawrence Livermore National Laboratory have researched 3D printing with foam materials, finding printed products work better than mass manufactured ones in terms of durability and performance. R&D tax credits are available to all industries investigating new technologies, such as 3D printed products. For example automotive companies using 3D printed foam to create prototypes would be eligible to claim.
NASA has expressed an interest in the use of 3D printed foam, offering $100,00 to the University of West Virginia to research the material. The R&D Tax Credit is even more beneficial in this case, federal returns allow an additional 20% credit when research and development is conducted through a university.
If your company is experimenting with new products or technologies please contact a Swanson Reed R&D Tax Advisor today, so we can help maximize your claim.