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Energy companies distribute a considerable amount of time and resources to overcome persistent technical challenges. Such time and resources include discovering and developing more efficient and effective methods for energy exploration, production, and refinement. Although many such activities may not transpire in traditional settings typically categorized as research facilities, these activities require the same time and resources that lead to significant R&D tax benefits. Let TaxIncennovations help you get onto the path to valuable R&D tax credits for your company today!

Some examples of qualifying R&D activities include the following but are not limited to:

  • Plant design

  • Developing and designing wells and drills

  • Development and design of alternative energy

  • Development and design of software infrastructure

  • Engaging in value engineering designs and feasibility reviews

  • Process improvements in downstream, midstream and upstream

  • Building information modeling (BIM) activities and computer-aided design (CAD)

  • Evaluation and collaboration between consultants on means and methods for constructability

Prior to 2016, small to mid-size companies who qualified for the R&D tax credit were sometimes limited to utilize the credit by Alternative Minimum Tax (AMT).  With the new regulations put in place in 2016, small to mid-size businesses can offset their AMT with the R&D tax credit.

Case Studies

An Energy Firm with gross receipts of $25 million that specializes in the design of oilfield parts including pump parts and rod seal systems can generate $285,000 in R&D Tax Credits per year.

Let TaxIncennovations evaluate how we can assist you in claiming R&D tax credits.

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