Unlock Serious Savings: Government Incentives Manufacturers Can’t Afford to Miss
It’s no secret that the manufacturing industry has faced some serious challenges lately—rising costs, supply chain disruptions, and the impact of inflation. But here’s the good news: both the Trump and Biden/Harris administrations have introduced significant opportunities for manufacturers to cut costs and fuel growth. We’re talking about government incentives like tax credits, grants, and deductions that could make a big difference for your business.
And here’s the best part—it’s not about politics; it’s about making smart business decisions. By tapping into these resources, you can take advantage of what’s available right now, no matter your political stance. And with an electronic Quality Management System (eQMS), you’ll have the tools to ensure you’re maximizing these opportunities with ease.
Let’s take a look at how you can save big—and how an eQMS can keep everything on track.
Advanced Manufacturing Tax Credits: Save While You Grow
What’s the Deal?
The Advanced Manufacturing Tax Credit offers up to 30% in tax credits for manufacturers working in clean energy or advanced technology, including sectors like electric vehicles and renewable energy. This credit began under the Trump administration and has been expanded by the Biden/Harris administration.
Why It’s a Big Deal:
Cutting 30% off your costs while positioning your business for the future? That’s a huge win. But here’s the catch—qualifying for these credits requires staying compliant and organized. An eQMS makes this easy by keeping your paperwork in order and ensuring you meet all the requirements to claim the full benefit. It’s like having an extra hand to make sure you don’t miss out.
R&D Tax Credits: Innovate and Get Paid for It
What’s Available?
If your company is working on new products, improving processes, or advancing technology, you’re likely eligible for R&D tax credits. This incentive is designed to reduce the financial burden of innovation, making it easier for manufacturers to push boundaries and stay competitive.
Why You Need It:
R&D can be costly, but these credits help you reinvest those expenses back into your business. And with an eQMS, tracking and documenting your R&D activities is a breeze. No more scrambling at the end of the year to prove you qualify—you’ll have everything you need at your fingertips to claim the credits you deserve.
Workforce Training Grants: Build a Stronger Team Without Breaking the Bank
What’s Available?
Both the Trump and Biden/Harris administrations have focused on upskilling the workforce, and grants are available to help manufacturers train their employees without dipping into profits. Programs like the Manufacturing Extension Partnership (MEP) are there to help you invest in your team’s growth.
Why It’s Smart:
A highly skilled workforce is crucial for tackling future challenges, and the best part is that you don’t have to bear the full cost of training. An eQMS helps you keep track of employee training, progress, and compliance, ensuring you’re getting the most out of these grants. It’s a win-win—you invest in your team and boost your business without overspending.
Section 179 Deductions: Get Rewarded for Investing in Equipment
What’s Available?
The Section 179 deduction allows you to deduct the full cost of qualifying equipment in the year it’s purchased, covering everything from new machinery to certain types of off-the-shelf software. This deduction has been expanded under both the Trump and Biden/Harris administrations, making now a great time to upgrade.
Why You Should Care:
Investing in new equipment is a no-brainer when you can improve productivity and get a tax break at the same time. An eQMS helps ensure that new equipment integrates smoothly into your operations, so you can hit the ground running without any disruptions. Plus, you’ll have everything organized to claim the deduction without hassle.
The Power of an eQMS: Make the Most of These Programs
From tax credits to grants and deductions, there are countless opportunities out there to help you cut costs and grow your business. But the key to making it all work smoothly is having the right systems in place. An eQMS ensures compliance, tracks every detail, and makes the entire process seamless. Instead of hoping you’re eligible for these incentives, you’ll have the confidence of knowing you’ve met every requirement.
The Bottom Line: Take Action Now
Government programs like these are here to help manufacturers cut costs, boost productivity, and drive growth. But you can’t take full advantage if your operations aren’t ready. Now’s the time to invest in the tools that will set you up for success—starting with an eQMS that keeps your processes running smoothly and ensures you qualify for every incentive available.
This isn’t about politics—it’s about making sure your business thrives. Don’t miss out on these valuable opportunities.
