Listed below are some of the most frequently asked questions our team receives about R&D tax credits
As the hemp/CBD industry is in its relative infancy, much of what is currently being done can be considered innovative: from developing novel software applications to finding the right combination of lighting for optimal crop yield.
For activities to qualify, they must meet the four-part test, which basically says: i) you are attempting to create or improve a new product or process; ii) the optimal way to achieve your goal is unknown (uncertainty); iii) your efforts are technological in nature (must involve the “hard” sciences); and iv) you undergo a process of experimentation to determine the best way to achieve your desired product/outcome. The following activities satisfy all four requirements, and are prime examples of claimable activities:
Unsure of whether your industrial hemp/CBD projects qualify?
At HempTax, we work on a success-based fee structure enabling businesses in the industrial hemp and CBD industries to claim R&D credits/refunds without any out-of-pocket costs. We offer complete audit protection and a money-back guarantee. Partner with HempTax to claim your tax credits with no up-front costs. Contact one of our experts today.