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Wineries Focusing on New or Improved Wine Production and Cultivation Can Collect Tax Credits

Hayley Chowdhry by Hayley Chowdhry
May 11, 2021
in Financial
A A
Wineries Focusing on New or Improved Wine Production and Cultivation Can Collect Tax Credits
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Research and development tax credits are substantial tax incentives that businesses can take advantage of if they are performing activities that involve improved methods or new developments. For wineries, in particular, the potential savings could be significant. However, many are unaware that they even qualify for these credits. National Tax Group can help wineries obtain their maximum benefits and guide them through which activities qualify them for this incentive.

“Wineries that successfully produce and document their quantifiable research activities are rewarded with thousands of dollars to continue their work for innovation in this industry,” said Lee Ferry, President of National Tax Group. “More companies than ever are able to benefit from the R&D tax credit for research activities they’re already doing, they might just be unaware of these benefits.”

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If your winery has been involved in or has performed the following activities within the last three to four years, you most likely qualify for R&D tax credits:

  • Developing wine caves
  • Developing land for wine cultivation
  • Creating analytic or innovative software products for production
  • Creating new harvesting technologies
  • Gene culturing
  • New tactics for spoiling prevention
  • Creating innovative systems for preservation
  • New techniques for wine blending
  • Packaging and bottling innovation

Even if you haven’t claimed these credits in the past, our team will still be able to go back and claim them if proper documentation has been recorded and kept. Our tax professionals at National Tax Group can work with you to determine if your activities meet the necessary criteria and we’ll handle the process from start to finish.

Hayley Chowdhry

Hayley Chowdhry

Business Editor

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