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Companies in these industries require large investments: it takes a lot of money to build a wind farm or make a film. Compared to the size of these investments, their government tax obligations are generally low. “Most companies that shoot in Georgia won`t have income tax in the state,” says Lee Thomas, director of the Georgia Department of Economic Development`s Bureau of Film, Music, and Digital Entertainment. With transferable tax credits, Georgia offers incentives equal to 20 to 30 percent of a production company`s total expenses in the state, benefits that can easily reach millions of dollars for a great film. When Danny Bigel was a film producer, one of his biggest headaches had nothing to do with spoiled actors, picky directors, or fickle audiences. Instead, it was about finding someone who would pay a good price for their state tax credits. A percentage of eligible research activities in the current year that exceed a base amount and are calculated based on the previous year`s efforts and investments may be eligible for a research and development tax credit. Typically, 6% to 8% of a business` eligible annual costs can be applied dollar for dollar to its federal income tax. Unused R&D credits due to no tax payable can be deferred for up to 20 years. Federal taxpayers can also claim the R&D loan retroactively by filing amended returns for open taxation years, usually the last three taxation years (or more if the business has suffered losses during that period). Can aLP claim R&D tax credits? Yes, a limited liability company (LLP) can claim the R&D tax credit, but this has not always been the case. In the past, many companies conducting research and development were subject to the alternative minimum tax (AMT), which was not offset by the R&D loan. Eligible businesses today include sole proprietorships, partnerships and non-public corporations with an average annual gross income of less than $50 million for the last three taxation years.

In the case of transfer companies, S Corporation`s partners and shareholders may be able to use the R&D loan for their individual AMT liability. Only a company with unique patents or products is eligible for R&D tax credits. Tax credits for entertainment, renewable energy, and real estate development are the ones that typically make states transferable. More than a dozen states have transferable tax credits for movies, including Georgia, Florida, Illinois and Pennsylvania. For its payroll clients, ADP already manages the data needed to calculate tax credits and comply, and has advanced reporting capabilities that provide process insight. Our expertise in tax credits and technical resources also allows our clients to identify tax credit opportunities beyond R&D in order to realize additional potential savings. So the first question is: why would you want to sell your R&D loans after investing the time and effort to earn, calculate, and claim them? The answer is pretty simple: you have more credit than you can use. Whether it`s because your R&D credit is substantial or simply because you don`t generate enough taxable income in that state, excessive credit can be problematic. Without the ability to sell or transfer the balance, you usually have to carry forward a surplus in the hope that you can use it before it expires. While continuing may make sense to some, there is a risk of uncertainty that you will never be able to use the loan before it expires. Even though you can ultimately take advantage of the loan, it helps to get an immediate or deferred benefit.

The sale of the R&D loan is an option that allows a company to benefit immediately. Transferable tax credits aren`t the only way states offer tax incentives to companies that don`t owe much tax. Many tax incentives are “refundable.” In other words, if a company earns more in tax credits than it owes in taxes, the state pays the difference in a refund cheque. Both eligible new businesses that have not yet claimed tax credits and those that already have a large portfolio of tax credits can benefit from outsourcing the tax credit administration. In this explanation, Stateline explores how and why states use transferable tax credits, how the industry works, and what critics are saying. For the buyer, the advantage is obvious. You get a loan without doing the hard work. What about the state? What do they get out of it? In general, the R&D loan is seen by the state as an increase in its employment opportunities (especially technology jobs).

What would happen if a company saw that it would not benefit from any investment in that state? By authorizing this transfer, the State can give the company the certainty that it will benefit in one way or another. In addition, the company that purchases the loan is encouraged to have income-generating activities in its state. Unfortunately, selling the R&D tax credit is not as easy as it could be. U.S. tax law has been changed to make R&D loans more accessible to small and medium-sized businesses, and about 25 percent of all companies that apply for the loan have assets of less than $1 million. ADP offers an unparalleled combination of tax credit experience, expertise, technology and resources to make applying for tax credits as easy, streamlined and predictable as possible. We work with clients` CPA firms throughout the process, assist with financial requests and develop strategies for the most effective use of the loan.