Another Reason to Keep Lab Notebooks—Tax Credits Upwards of 7-10%
Law firms and in-house attorneys are always asking inventors to keep lab notebooks. There are a number of reasons to keep such documentation, including seeking patent protection, but there is another reason that is often overlooked, substantial tax credits.
Lab notebooks are the exact type of information required to benefit from federal and state research and development (R&D) tax credits. In some cases, taxpayers may be able to receive a tax credit upwards of 7-10% of the R&D expenditures as defined by the government. More significantly, from an IP perspective, these tax breaks will likely enable taxpayers to offset a portion of the fees incurred in preparing and filing initial patent applications in the United States and abroad.
If you have any questions, feel free to contact us here at Woodard, Emhardt, Moriarty, McNett & Henry LLP. Please note that this is not tax advice and we are not tax attorneys, but we can refer you to an expert that can assist you in quickly determining whether you can benefit from the R&D tax credits.