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A new tax saving opportunity for hemp industries!
The Hemp industry gained a tremendous growth opportunity with the passage of the 2018 Farm Bill and the effective legalization of hemp as an agricultural commodity. Hemp farmers and researchers are now free from the restrictions of IRC section 280(E) and able to cultivate hemp broadly, as well as freely engage in the sale, transport, or possession of hemp-derived products.
These legislative and economic changes have created the opportunity for this sector to claim eligible tax incentives, like the Research and Development (R&D) Tax Credit.
Eligible farmers, researchers, manufacturers, and other businesses may be eligible to recapture some of their R&D expenditures by qualifying them for the federal Research & Development (R&D) Tax Credit, and eligible state R&D Tax Credits, to offset federal and state income tax liability.
Our qualified experts in Leyton’s agriculture team are motivated to properly qualify all R&D activities and expenses to fully substantiate each claim and ensure maximum financial benefits for our clients.
You’re estimated to be eligible for
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Get in touch with our tax experts today to start claiming your R&D Tax Credit.
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Senior Technical Consultant at Leyton
Many hemp companies are often not taking advantage the Research & Development (R&D) Tax Credit du…
What is the R&D Tax Credit? The Research & Development (R&D) Tax Credit is a government incen…
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