This report describes federal programs that are available to help U.S. manufacturers succeed.Many are administered by various agencies of the U.S. Department of Commerce, but entities like the Department of Energy and Department of Defense also play an important role in spurring demand for innovation in manufacturing.
Empire State Development (ESD), New York State’s chief economic development agency, offers incentives and programs to NYS manufacturers. To support businesses and encourage growth, ESD provides loans, grants, tax credits, and other financial and technical assistance. For manufacturers across the Empire State, ESD funding opportunities through Global NY, START-UP NY, and the New NY Broadband program can foster innovation, expansion, and increased profitability.
Federal tax credits for research and development (R&D) aren’t just for large companies performing groundbreaking research. Thanks to the Protecting Americans from Tax Hikes Act of 2015 (PATH Act), businesses of all sizes can benefit from the R&D tax credit. That’s good news for startups and small-to-medium sized businesses, but applicants still need to establish a documentation process and appropriate tracking mechanisms. Is your NYS business able to claim this federal tax credit?
Private industry is paying for a growing share of shrinking R&D. What does this mean for U.S. economic competitiveness in manufacturing?
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