The Research & Development Tax Credit
Enacted in 1981, the federal Research and Development (R&D) Tax Credit allows a credit of up to 13 percent of eligible spending for new and improved products and processes. Qualified research must meet the following four criteria:
- New or improved products, processes, or software
- Technological in nature
- Elimination of uncertainty
- Process of experimentation
Eligible costs include employee wages, cost of supplies, cost of testing, contract research expenses, and costs associated with developing a patent. On December 18, 2015, President Obama signed the bill making the R&D Tax Credit permanent. Beginning in 2016, the R&D credit can be used to offset Alternative Minimum tax and startup businesses can utilize the credit against $250,000 per year in payroll taxes.
Dumplings
Noodles
Fortune cookies
Students at Cornell Creative Machines Lab have developed a 3D printer that is capable of creating food with a wide range of materials. This printer has used scallops to create a rocket ship and batter to create a cake that displays a company logo when cut. This process of 3D printing food is referred to as Solid Freeform Fabrication. The printer uses a syringe to deposit any type of printing ingredient that is malleable enough to fit through the syringe nozzle. This type of printer provides people with a way to create their favorite treats at home, even Chinese fortune cookies.
Utensils & Tableware
Of course, food isn’t the only thing that can be 3D printed. Utensils such as forks, spoons, soup spoons, chopsticks, and chopstick stands can be printed as well. The company MakeXYZ allows customers to upload their own 3D model and MakeXYZ will print and ship it for them. This simple service allows customers to have full creative power without the need to own an expensive 3D printer. Restaurants that create 3D printed utensils and tableware may qualify for R&D tax credits.
Conclusion
Additive manufacturing has the potential to unlock a whole realm of creativity that was previously locked off to the general public. 3D printers, such as the ones at Cornell Creative Machines Lab, have enabled researchers and chefs to produce meals that weren’t possible using traditional cooking methods. Although 3D printers need improved production time in order to be viable in restaurants, there are countless possibilities to create new types of food items once this technology is perfected.
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Charles Goulding and John Chin of R&D Tax Savers discuss 3D printed food.