Engineering firms often do not realize that they are eligible for the R&D tax credit. The Research 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 construction industry. Engineering firms with a design-build team and engineers on staff will likely qualify for this incentive.
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 for construction firms from prior years, plus a significant reduction to current and future years’ federal and state tax liabilities.