Innovation, research and development are not often connected to construction, but with the advances in digital technology and connectivity, influx of “green” buildings, and new sustainability standards are becoming more constant within the industry. In that, there has been an increase of innovative research and development that takes place during the planning and construction process. Creative steps are being taken to improve building materials, modeling and engineering techniques.
R&D tax credits can help construction companies discover millions of dollars in savings.
Qualifying construction activities include
- Designing and building projects
- Engineering designs to improve a building’s function
- Designing to improve a building’s heat, light, and power efficiency
- Designing of unique structures
Construction companies can claim R&D by
- Claiming immediate tax refunds with interest from previous tax returns
- Reducing current-year estimated tax payments
- Decreasing current-year effective tax rates and income taxes
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Construction companies performing qualifying research activities are able to benefit from R&D tax credits.