Elgin R&D Tax Credit Explained for Businesses

R&D Tax Credits for Elgin, Illinois Businesses

Elgin, Illinois, thrives in industries such as healthcare, education, manufacturing, and retail. Top companies in the city include Advocate Sherman Hospital, a major healthcare provider; Elgin Community College, a key educational institution; Hoffer Plastics, a prominent manufacturing company; Walmart, a global retail giant; and Amazon, a global logistics and e-commerce company. The R&D Tax Credit can benefit these industries by reducing tax liabilities, fostering innovation, and improving business performance. By leveraging the R&D Tax Credit, companies can reinvest savings into advanced research boosting Elgin’s economic growth.

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Swanson Reed is one of the only companies in the United States to exclusively focus on R&D tax credit preparation. Swanson Reed’s office location at 318 West Adams Street, Chicago, Illinois is less than 40 miles away from Elgin and provides R&D tax credit consulting and advisory services to Elgin and the surrounding areas such as: Chicago, Aurora, Naperville, Joliet and Rockford.

If you have any questions or need further assistance, please call or email our local Illinois Partner on (312) 380-0467.
Feel free to book a quick teleconference with one of our Illinois R&D tax credit specialists at a time that is convenient for you. Click here for more information about R&D tax credit management and implementation.

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Elgin, Illinois Patent of the Year – 2024/2025

Lynk Labs Inc. has been awarded the 2024/2025 Patent of the Year for its pioneering work in adaptive LED lighting. Their invention, detailed in U.S. Patent No. 11953167, titled ‘Devices and systems having AC LED circuits and methods of driving the same’, introduces a versatile lighting system that seamlessly operates on both AC and DC power sources, enhancing energy efficiency and reliability.

This innovative design features LED circuits configured in series, parallel, or anti-parallel arrangements, integrated with current-limiting diodes. Such configurations allow the system to emit light during both positive and negative phases of AC power, maximizing illumination efficiency. Additionally, when powered by DC sources, the system employs sensors and polarity-switching circuits to ensure all LEDs function optimally, regardless of their orientation.

By accommodating various power inputs and dynamically adjusting to ensure consistent lighting output, this technology addresses common challenges in LED lighting systems, such as flickering and uneven illumination. Its adaptability makes it suitable for a wide range of applications, from residential lighting to commercial and industrial environments.

Lynk Labs Inc.’s achievement marks a significant advancement in LED technology, offering a more resilient and efficient lighting solution that aligns with the growing demand for sustainable and adaptable energy systems.