The Department of Transportation in Florida  are investing $17 million for the Launch Complex 36, which will be home to Blue Origin’s New Glenn reusable rocket launches.

Blue Origin’s founder, Amazon and Washington Post owner Jeff Bezos, originally announced the plan to use the location in September 2015. Bezos said his company would match the government’s contributions, bringing the total budget for refurbishing the launch complex to $34 million.

Two new rocket models late last year have been announced by Blue Origin, which will be named after the late astronaut John Glenn. Glenn became the first American to ever orbit the Earth in 1962. Blue Origin will open a 750,000 sq. ft. factory for the production and development of new rockets at the Kennedy Space Center in the future, with a goal start date of 2018. Blue Origin has committed to spending $200 million on the facility and is hoping to employ upwards of 330 people from the local economy.

During a public announcement of the project in September 2015, Bezos said “We’re not just launching here, we’re building here,” Florida Governor Rick Scott attended the meeting, where Bezos continued, “Our ultimate vision is millions of people living and working in space.”

Recently, Bezos provided an email update regarding the development of the company’s new BE-4 rocket engine. The email addressed some of the progress Blue Origin had made in its design.

Bezos stated “For even more performance, you can add one or more boost pumps ahead of the main pumps. We’ve done that on the oxidizer side of our BE-4 engine. Our Ox Boost Pump (OBP) design leverages 3-D additive manufacturing to make many of the key components,”. He noted the second iteration of the OBP was now being tested.

“The housing is a single printed aluminum part and all of the stages of the hydraulic turbine are printed from Monel, a nickel alloy. This manufacturing approach allows the integration of complex internal flow passages in the housing that would be much more difficult to make using conventional methods. The turbine nozzles and rotors are also 3-D printed and require minimum machining to achieve the required fits.”

For those businesses looking to stay ahead of the curve, there’s a certain incentive to keep you going. The federal R&D Tax Credit has sweetened the deal even more – now reaching more companies in more industries. That includes you, Florida.

Surprisingly enough, only one in twenty eligible businesses actually apply for the R&D tax credits. Which means many of these businesses are missing out on valuable funds to continue to grow and succeed. Did we mention it’s mostly those small to medium sized companies that are unfamiliar with the ins-and-outs of claiming the tax credits.

Our team at Swanson Reed acts as a guiding light through the confusion and technicalities of applying for those lucrative tax credits so businesses of all sizes are able to reap the rewards of their R&D investments.

To shed a little bit more light here are the top five (5) tips to help your Florida business thrive and squeeze out every last tax dollar they deserve.

Don’t overlook your business’ activity: Most people associate R&D with mad professors in lab coats however the Florida Tax Credit covers all manner of R&D – including mad scientists. Companies from industries as diverse as software/technology, manufacturing, agriculture, architecture, engineering and contracting (electrical, mechanical, etc.) can qualify and start applying for federal and state R&D credits.

Identify all qualifying activities: So if R&D tax incentives are so expansive, what kinds of activities make businesses from so many industries eligible? Well, if a company engages in practical problem-solving or experimentation to improve a product or process, there is a good chance they qualify. When it comes to R&D, applied sciences definitely count and the trial-and-error experimentation that occurs on the factory floor or the modeling and prototyping taking place behind a computer screen are as eligible as any other activity. For businesses making even the simplest of improvements to their products or processes, there can be substantial tax benefits, so it’s wise to consider all of your qualifying activities.

Take advantage of every R&D credit coming your way: Remember your state’s R&D credit when applying for the federal incentive, particularly considering eligibility for the state credit depends in part on if you have received federal credits. It is important to note that Florida’s R&D incentive sets a $9 million cap on the amount of credits it distributes in a given year. Assuming a company meets qualifications, the Florida credit works on a first-in, best-dressed notion; meaning all web-based applications must be submitted the day the Florida Department of Revenue begins accepting applications. So it’s important to have someone on your side to get those application in quick smart.

Keep up with the latest laws and regulations: The Department of Treasury recently announced regulations that will allow businesses to take the Alternative Simplified Credit (ASC) on amended returns, a regulatory change that will allow thousands of small and medium businesses to take further advantage of the federal R&D Tax Credit. Follow the Swanson Reed Knowledge Center to keep up to date with state and federal legislation.

Work with a consultant: With so many constant policy changes occurring to an already complex section of the tax code, it can be difficult for businesses to keep up with every individual change. Qualifying for R&D requires both technical industry knowledge and experts familiar with such a specialized section of the tax code. To maximize your results, seek the services of a Swanson Reed adviser with expertise in both areas.