How Brewers can get R&D Tax Credit
At the NYSBA Brewers Conference in Syracuse presented by Mengel Metzger Barr & Co. LLP, Kate Welc gave an informative presentation about tax credits and deductions that could save breweries thousands of dollars.
Kate referred to an innovation tax credit that applies to breweries. You don’t need to be reinventing beer in order to qualify. Updating recipes, collaborating with other breweries and improving testing may be enough to justify this credit which falls under Research and Development.
Some of you attended the Beer Quality Seminar at Newburgh Brewing where you heard from Rheonix about their new testing product. The SpoilerAlert™ assay detects the most common beer spoiling bacteria, yeast and hop resistance genes. Renting the equipment can be cost prohibitive for smaller breweries but a single test costs just $75…an investment that could end up saving you hundreds of thousands.
In connecting the dots of what our Sponsoring Partners can offer breweries, inquire with your accountant (whether or not you use MMB) about taking advantage of the R&D tax credit by using Rheonix for beer quality testing.