Morris Plains, N.J. – The New Jersey Manufacturing Extension Program, Inc. (NJMEP) announces the addition of R&D tax credit services to its Pro-Action Network program. R&D tax credits are designed to help manufacturers recapture some of the expenses related to developing or improving their products and processes.
“Many manufacturers are unaware that their past or current efforts actually qualify for R&D tax credits,” says Tony DeSantis, NJMEP’s Vice President of Business Development. “It’s a golden opportunity for businesses to improve their cash flow and ultimately become more profitable.”
DeSantis explains that securing R&D tax credits in the manufacturing industry is more complex than other fields. The process requires a specific understanding of regulatory requirements and the ability to provide detailed documentation of related activities.
“Businesses commonly believe that their accountant can manage the submission process. However, manufacturers often miss out on the highest amount of return possible without the help of specialized experts,” says DeSantis.
While NJMEP offers R&D tax credit support as a stand-alone service, tax credit assistance is now available through NJMEP’s Pro-Action Network. Pro-Action is a newer retainer-based program designed to maximize the value of NJMEP’s services to help state manufacturers grow, stay informed of industry news and save on consulting fees.
NJMEP also announces that its client, Control Products Inc. (CPI), has secured over $300,000 in R&D tax credits. NJMEP provided CPI with preliminary reviews and prepared technical support documentation by writing technical project reports for numerous years of filing.
NJMEP’s services are geared towards helping state manufacturers increase sales and profit, reduce costs, improve efficiencies and spur job creation. Since 2000, NJMEP has helped manufacturers realize more than $2.2 billion in value: $1.6 billion in increased and retained sales, $258 million in cost savings, $324 million in investments and 18,000 jobs created or retained.
For more information about NJMEP, R&D tax credit assistance or the Pro-Action Network, visit www.njmep.org or call 973-998-9801.