Companies in the agricultural and farming industries are often performing qualifying research and development activities without realizing they are eligible for R&D tax credits. When managing resources used in producing food, agricultural and farming businesses need to create innovative technology and systems. Companies may be taking part in qualifying research activities that allows them to claim R&D tax credits.
Qualifying activities include
- Implementation of new equipment to improve harvest cycle times
- Development or experimentation with new techniques
- Development of new gene transfer technologies
- Experimentation with new or unique fertilizers
- Improvement of harvest techniques
- Hybridization or development of new strains of crops, plants, and livestock
The agricultural and farming industry is rapidly enhancing and growing, creating the space for innovative research and development.