The cosmetic industry is one of the largest industries in the world, with a rapidly growing repertoire of beauty products and processes, and a registered annual revenue of over $54 Million. Each year, the cosmetic industry becomes more innovative and creative with their development processes in order to keep up with competitors, and the growing demands of the industry. R&D tax credits can be used to cover a variety of costs including employee wages, supplies, testing, and costs associated with developing a patent.
Qualifying research activities include
- Organic and bio-based cosmetics
- Nanotechnology advancements in cosmetics
- Biotechnology innovations
- Anti-aging formulas
- Men’s grooming
- Innovative packaging in cosmetics
With the constantly evolving needs and standards of the health and beauty industry, more and more companies are qualifying for R&D credits through their research and development processes.
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