Tax and credits concept. Getting refund from the income tax return. Calculator, glasses and black pen on financial documents in the background.Northwest Industrial Resource Center (NWIRC) will host a free Morning Huddle session to focus on the R&E Tax Credit on December 15th from 8:30-10:30 in Erie. Manufacturers often think of “research and experimentation” in terms of ground-breaking innovations or inventions. However, time and resources used for prototyping and developing molds, tooling, and new products can be used to reduce your tax burden. The R&E Team from McGill, Power, Bell & Associates will present information on how to take advantage of this tax credit, covering:

  • Overview of the R&E Tax Credit for Federal and Pennsylvania purposes
  • Discussion of the potential injection of cash flow from these Credits
  • Recent regulatory changes that greatly expanded the credit and the ability to claim it on prior year’s tax returns
  • Key factors of determining whether or not a job qualifies for the Credit
  • Once it is determined that a job qualifies, what expenditures qualify for the Credit
  • Examples of various industries that typically qualify for the Credit
  • Analysis of our region, and Pennsylvania as a whole, in terms of the dollar amount of Credits being claimed and types of businesses claiming them
  • Documentation requirements
  • Overview of a typical R&E Tax Credit engagement

Just click for more information or to register.