Peoria R&D Tax Credit Explained for Businesses

R&D Tax Credits for Peoria, Illinois Businesses

Peoria, Illinois, is known for its strong presence in healthcare, education, manufacturing, and retail. Top companies in the city include OSF HealthCare, a major healthcare provider; Bradley University, a key educational institution; Caterpillar, a prominent manufacturing company; Walmart, a global retail giant; and Amazon, a global logistics and e-commerce company. The R&D Tax Credit can help these industries reduce tax liabilities, promote innovation, and enhance business performance. By utilizing the R&D Tax Credit, companies can reinvest savings into advanced research driving growth to Peoria’s economy.

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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 175 miles away from Peoria and provides R&D tax credit consulting and advisory services to Peoria and the surrounding areas such as: Pekin, East Peoria, Morton, Washington and Lacon.

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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Peoria, Illinois Patent of the Year – 2024/2025

Innovative Health Strategies LLC has been awarded the 2024/2025 Patent of the Year for its groundbreaking work in emergency medicine delivery. Their invention, detailed in U.S. Patent No. 11918778, titled ‘Smart self-activating wearable device for automatically injecting medicines’, introduces a smart, self-activating wearable device that automatically injects life-saving medication based on real-time physiological data.

This compact device is designed to monitor vital signs and autonomously administer drugs during critical events such as severe allergic reactions, diabetic crises, or cardiac emergencies. Unlike traditional auto-injectors, it deploys hypodermic needles only when necessary, reducing infection risks and ensuring timely intervention without human input.

The innovation lies in its integration of sensors and a controlled injection mechanism within a discreet wearable form. The device contains a fluid-filled injection cylinder, a piston, and a valve system that precisely controls medication release. Tethers connected to the valve ensure accurate timing and dosage, while position sensors monitor the injection process.

By eliminating the need for manual administration, this technology offers a significant advancement in patient care, particularly for individuals with conditions requiring immediate treatment. It exemplifies how wearable technology can enhance medical responsiveness and patient safety.
Innovative Health Strategies LLC’s achievement marks a significant step forward in the intersection of healthcare and technology, promising improved outcomes for patients worldwide.