On this week’s hemp podcast, we talk to David De Vore, R&D technical consultant with Leyton, an international funding innovation consulting firm that specializes in working with hemp farmers to take advantage of R&D tax credits offered by the IRS.
According to De Vore, the tax credit offsets income tax liability directly, dollar for dollar, but the amount of tax credit available for farmers depends on how much a given company is spending on research and development.
“I’ve seen credits of twenty thousand dollars, all the way up to millions of dollars, just depending on how large the farm is or how innovative they are,” De Vore said in the interview.
What sorts of activities count as R&D?
“If you’re innovative, if you’re testing new strains, new growing or irrigation techniques, you can qualify for this credit and it can directly offset taxable income, De Vore said. “And there’s actually another incentive that offsets payroll liability.”
De Vore said that many farmers are already meeting the requirements for this tax credit, but either don’t know about the tax credit or didn’t realize they were eligible.
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