Mount Prospect R&D Tax Credit Explained for Businesses

R&D Tax Credits for Mount Prospect, Illinois Businesses

Mount Prospect, Illinois, thrives in industries such as healthcare, education, manufacturing, and retail. Top companies in the city include Northwest Community Healthcare, a major healthcare provider; Harper College, a key educational institution; Bosch, 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 lowering tax burdens, fostering innovation, and improving business performance. By leveraging the R&D Tax Credit, companies can reinvest savings into cutting-edge research boosting Mount Prospect’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 25 miles away from Mount Prospect and provides R&D tax credit consulting and advisory services to Mount Prospect and the surrounding areas such as: Chicago, Aurora, Joliet, Naperville 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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Mount Prospect, Illinois Patent of the Year – 2024/2025

Cummins-Allison Corp. has been awarded the 2024/2025 Patent of the Year for their innovative coin sorting technology. Their invention, detailed in U.S. Patent Application No. 20240096161, titled ‘Coin sorting disc with coin flow management features’, introduces a novel approach to enhancing coin sorting efficiency and accuracy.

The patented system features a rotatable disc with a resilient pad that imparts motion to coins, directing them towards a stationary sorting head. This sorting head includes a lower surface forming a coin path, with a stripping area designed to separate overlapping coins and a queuing area that guides coins into a single-file configuration. A beveled surface in the queuing area ensures that coins are aligned properly before entering the discrimination area, where they are sorted based on size.

What sets this invention apart is its ability to handle mixed coin denominations with varying diameters and thicknesses, reducing the likelihood of misfeeds and jams. The design improves the flow of coins through the sorting mechanism, enhancing overall processing speed and accuracy.

Cummins-Allison Corp.’s coin sorting disc represents a significant advancement in coin processing technology, offering practical benefits for industries requiring high-volume coin sorting, such as banking, retail, and gaming sectors. By improving sorting efficiency and reliability, this innovation contributes to streamlined operations and cost savings.