Success Story Powered by New York MEP Regional Center ITAC
Brooklyn, NY based Lee Spring Company is a manufacturer and distributor of mechanical springs, wire forms, stampings, and fourslide parts worldwide. With an extensive line of over 25,000 products in inventory, they additionally offer custom springs manufactured to their clients specifications. Lee Spring maintains their status as the premier global source for stock catalog and custom designed mechanical springs and products by continually maintaining their catalog and evolving their offerings through ongoing product research and development.
New York City regional MEP Center and National MEP Network partner, ITAC, worked with Lee Spring to offset some of their product investment through the R&D Tax Credit. ITAC brought in cost-effective expertise in 2014 and has been helping Lee Spring file for the R&D Tax Credit annually since that time. That first year, ITAC helped Lee Spring develop the required documentation tracking eligible activities and costs through deep-dive interviews with ITAC engineering and manufacturing experts (not just accountants and tax analysts) to assess the operation’s R&D work. ITAC is there to support Lee Spring on an ongoing basis with audit support if needed.
Keeping this going every year is not a question. They gave us the tools, we learned how to keep records for the credit, and it’s a simple update. The return is significantly more than I thought. This credit is great because it incentivizes businesses to test and develop new products.
- Ongoing annual filings for the R&D Tax Credit
- Use of the R&D Tax Credit to fund the annual R&D Budget for Lee Spring
Read the full story on the NIST website here.
