R&D Tax Credit Incentives for the Oil & Gas Industry
Many companies in the gas and oil industry do not realize that they are eligible for the Research & Development tax credit. The R&D tax credit allows companies to realize tax savings, increase cash flow, and stay competitive in the marketplace. Many of the qualifying activities are considered day‐to‐day operations for the petroleum industry. The benefits can be significant and are efficient to realize through our services. The R&D tax credit can provide a hidden but immediate source of cash from prior years, plus a significant reduction to current and future years’ federal and state tax liabilities.
Research & Development Tax Credit Incentives for the Petroleum Industry
- Offshore structure design
- Plant Design
- Waste water solutions
- Determining a method to transport or refine oil or gas more efficiently
- Improving or developing drill designs
- Containment systems
- Testing fuel combustion
- Environmental testing and removal of pollution or contaminants from the environment
Our R&D Tax Credit practice consists of engineers, CPAs, and attorneys who have extensive experience conducting R&D Tax Credit Studies at both the federal and state level. Our process begins with a free assessment to ensure that the company qualifies for the credit and would be able to utilize them. Each of our studies includes a site visit to help facilitate the study process. We also include audit support with all of our studies. This is a conservative federal and state incentive that was just made permanent by Congress as part of the 2015 PATH Act. Contact ETS for more information at 800-236-6519 or email here.