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Oil & Gas R&D Tax Credits

The oil and gas companies are no strangers to innovation, and significant tax breaks are available to encourage it. As a result, companies that produce new or better goods, methods, techniques, formulae, innovations, and software are eligible for the Oil & Gas R&D tax credit. Therefore, if your firm is working on enhancing extraction, refining, packing, and transportation, you might be able to claim this incentive as well.

However, the credit amount is not fixed and depends on your company’s location. Still, it can cover as much as 22% of your qualifying expenses.

Qualifying Costs and Activities

Your company must be involved in certain qualifying activities to claim this incentive. Some examples include:

  • Upgrading or developing new containment systems;

  • Creating and adopting innovative drilling technology and tools;

  • Developing vent recovery systems to reduce environmental risks;

  • Making new resins and bimodal polymers by engineering production techniques;

  • Enhancing the oil or gas refining process to increase efficiency;

  • Designing pipelines and facilities;

  • Developing software and automated process control systems.

If approved, you will be able to use the Oil & Gas research and development tax credit to recoup a portion of your investment in supplies, subcontractors, and raw materials. You can also cover payrolls for chemical and petroleum engineers, mechanical and electrical engineers, process engineers, CAD personnel, C-suite, PhDs, and project managers.

If you are having trouble computing the credit amount you can receive, get in touch with us. We will provide a free estimate and assist you in claiming the R&D tax credit in the Oil & Gas industry. We also allow our clients to pay after the process is over.



What kind of companies can apply?

Oil and gas companies that conduct qualifying research activities.

What data do I need to calculate credit?

Claim period gross receipts.

What information do I need to provide?

General ledger expense detail, payroll records, project notes, project lists, emails, purchase orders, and other documents regarding QREs for the claiming period.

Is credit carryforward an option?

Yes, up to twenty years.

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