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On this week\\u2019s hemp podcast, we talk to David De Vore, R&D technical consultant with Leyton, an international funding innovation consulting firm that specializes in working with hemp farmers to take advantage of R&D tax credits offered by the IRS.

According to De Vore, the tax credit offsets income tax liability directly, dollar for dollar, but the amount of tax credit available for farmers depends on how much a given company is spending on research and development.

\\u201cI\\u2019ve seen credits of twenty thousand dollars, all the way up to millions of dollars, just depending on how large the farm is or how innovative they are,\\u201d De Vore said in the interview.

What sorts of activities count as R&D?

\\u201cIf you\\u2019re innovative, if you\\u2019re testing new strains, new growing or irrigation techniques, you can qualify for this credit and it can directly offset taxable income, De Vore said. \\u201cAnd there\\u2019s actually another incentive that offsets payroll liability.\\u201d

De Vore said that many farmers are already meeting the requirements for this tax credit, but either don\\u2019t know about the tax credit or didn\\u2019t realize they were eligible.

Leyton

https://leyton.com/us/rd-tax-credit-opportunity-for-hemp/

News Nuggets

U.S. Hemp Roundtable Seeks Amendment to Remove In-State Manufacturing Requirement from New Hampshire CBD Bill

https://www.hempgrower.com/article/us-hemp-roundtable-in-state-manufacturing-new-hampshire-cbd-cannabidiol-bill/

California backs off narrower THC testing window

https://hempindustrydaily.com/california-backs-off-narrower-thc-testing-window/

US EPA grants $100,000 to support Washington hemp bricks manufacturer

https://hempindustrydaily.com/us-epa-grants-100000-to-support-washington-hemp-bricks-manufacturer/

Montana Passes Bill Advancing Hemp Seed as Animal Feed

https://www.lancasterfarming.com/farming/industrial_hemp/montana-passes-bill-advancing-hemp-seed-as-animal-feed/article_6d2854d6-9ca6-11eb-a7fc-83e9ec98972e.html

New Hemp Production Class To Teach Students About Cannabis Industry, Economics, & More

https://onwardstate.com/2021/04/08/new-hemp-production-class-to-teach-students-about-cannabis-industry-economics-more/

Hemp Legalization in Idaho Nears the \\u2018End Zone\\u2019

https://www.hempgrower.com/article/idaho-senate-approves-hemp-legalization-bill-heads-to-governer/

Special Thanks to our Sponsor IND HEMP

https://www.indhemp.com/careers