 Found money: Where to lookPlaces where tax credits lurk.(FORTUNE Small Business) -- You may be eligible for federal tax credits if your business innovates in areas such as ... PRODUCTS A new product or significant improvement of an old one may count. For example, one company got a tax credit for developing a new fiber technology that can be sprayed inside old septic tanks or sewage pipes, reinforcing them for decades. IMPROVING PROCESSES Boost your efficiency or quality, and you may be eligible. One food company got a tax break when it created machinery that slashed the production and packaging time for ice cream, which also improved its taste. BETTER ENERGY EFFICENCY Work covered here includes boosting a battery's life, reducing a computer's energy consumption, and designing a better solar cell. ENVIRONMENTAL IMPROVEMENTS Reducing carbon emissions may qualify, as would improving waste disposal systems. One eligible company has a new way to extract waste acids from manufacturing processes and then encapsulate them in reinforced glass for easier disposal. To write a note to the editor about this article, click here. |
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