To remain competitive, companies must evolve. This is true of any company, including those belonging to the agri-food sector. The rise of globalization and green initiatives, combined with the constantly fluctuating needs and wants of consumers, imposes a requirement on agri-food companies to engage in R&D if they are going to retain their competitive advantage and increase market share.
What Constitutes R&D, and What’s in It for Me?
While there are many benefits to food companies improving their products and processes, doing so requires significant investment. Therefore, to encourage companies to engage in these investments, the U.S. government offers R&D tax credits at both state and federal levels. However, many companies eligible for the tax credits are not currently claiming them. In fact, nearly 80 percent of the more than seven billion dollars in research tax credit benefits each year goes to only a few of the country’s largest companies. Why is that?
Read the full article to uncover the types of agri-food activities qualify for the R&D tax credit, and why you should be claiming.