Springfield R&D Tax Credit Explained for Businesses

R&D Tax Credits for Springfield, Illinois Businesses

Springfield, Illinois, thrives in industries such as healthcare, education, government, and retail. Top companies in the city include Memorial Health System, a major healthcare provider; the University of Illinois Springfield, a key educational institution; the State of Illinois, a prominent government employer; 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 Springfield’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 220 miles away from Springfield and provides R&D tax credit consulting and advisory services to Springfield and the surrounding areas such as: Decatur, Bloomington, Normal, Chatham and Taylorville.

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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Springfield, Illinois Patent of the Year – 2024/2025

Iris Medicine, Inc. has been awarded the 2024/2025 Patent of the Year for their groundbreaking approach to treating CAG repeat diseases. Their invention, detailed in U.S. Patent Application No. 20240425856, titled ‘Compositions and methods for treating cag repeat diseases’, introduces a novel class of double-stranded RNAs designed to target and modulate toxic RNA sequences associated with these disorders.

The patented technology involves engineered RNA molecules that specifically bind to expanded CAG repeat regions found in the RNA of affected genes. By incorporating carefully placed mismatches, these RNA strands form a double-stranded structure that disrupts the toxic RNA’s function. This mechanism aims to reduce the harmful effects of the expanded repeats, potentially alleviating symptoms and slowing disease progression.

What sets this invention apart is its precision and specificity. The design of the RNA strands allows for targeted intervention without affecting normal gene function, minimizing potential side effects. This approach holds promise for treating a range of neurological disorders caused by CAG repeat expansions, such as Huntington’s disease and certain spinocerebellar ataxias.

Iris Medicine, Inc.’s innovative RNA-based therapy represents a significant advancement in genetic medicine, offering hope for patients with previously untreatable conditions. By addressing the root cause of these diseases at the molecular level, this patent paves the way for more effective and personalized treatments in the future.