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PARKWAY KEW SCORES BIG WITH R&D TAX CREDITS INNOVATION DRIVES BUSINESS FORWARD
With the help of: New Jersey Manufacturing Extension Program (NJMEP)
About
The Challenge
[Working with NJMEP] worked well for us. R&D tax credits allow us to recoup some of our losses. We would continue to innovate regardless but if they want to help us recoup some of that investment, we’d be happy to take the support.
MEP's Role
After consulting with their NJMEP account manager, it was identified that Parkway Kew could be an ideal candidate for R&D (research and development) tax credits. NJMEP worked with Parkway Kew and took an extremely close look at their facility and operations. An in-depth study was performed to determine if the client could be eligible for tax credits. NJMEP went to work documenting the four qualifying criteria: first, the goal must be to discover some technological information that does not already exist within the organization; second, there must be a level of technical uncertainty related to the product or process development; third, any qualifying event must have a process of experimentation to prove or disprove a technical theory; and finally, the research must have goals attributable to function, efficiency, capacity, or other performance criteria.
Once the preliminary information and eligible R&D costs were reviewed by NJMEP, this data was combined with information relating to gross revenue and other factors that allowed NJMEP to provide Parkway Kew with an approximate federal R&D tax credit. NJMEP then proceeded to prepare the technical support documentation for Parkway Kew. The completed report outlines and demonstrates the activities that qualify as “R&D” within the meaning of the credit and its guidelines.