American Aquafarms Signs a Deal with Blue Ocean Technology for their American Salmon Hatchery

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American Aquafarms has signed a deal with Blue Ocean Technology for two large sludge treatment plants. While certainly not glamorous, these treatment plants will be put to great use in American Aquafarms salmon hatchery in Maine.

The hatchery is expected to be running in 2022, using Maine’s unique position along distribution links in the east coast. The location also allows for local sourcing of American salmon. Their design will be the world’s largest full-cycle aquaculture facility using closed cages in the sea. They believe farming salmon in their natural habitat will help to reduce the environmental footprint of salmon farming, and produce healthier salmon overall. The closed cages prevent fish escape and also protects the ocean from any waste excretions. They are working with local Maine fishermen to develop this project and plan to continue hiring locally, boosting Maine’s economy.

Are you developing new technology for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

Innovative Fiberglass Girders will Extend Bridge Life

Innovative Fiberglass Girders will Extend Bridge Life

The University of Maine’s Advanced Structures & Composites Center developed innovative fiberglass girders in partnership with Advanced Infrastructure Technologies (AIT). The Grist Mill Bridge in Hampden, Maine is the first bridge in America to use these girders with no concrete reinforcement in the superstructure. These fiberglass girders are expected to increase the bridge’s lifespan by an additional 100 years.

UMaine and AIT developed these fiberglass girders with the intention of reducing material and construction costs. The girders are approximately 35% lighter than steel and concrete counterparts and require less intensive installation equipment. The reduced weight and stackability of the girders means multiple units can be shipped together whereas each concrete girder would require an individual flatbed for transportation. Installation took a total of two days. Built with numerous strain sensors, the bridge was tested with more than 260,000 pounds to gather baseline data. Further monitoring tests will be undertaken to assess shear strength, the girder-slab connector strength, and creep of the girders over time to provide insight to potential future improvements.

Are you developing new materials or using them in new applications? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

Maine Offshore Wind Farm Project Receives $2M Grant

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Maine’s taking its clean energy to its coast; the state’s Energy Office received a $2.166 million grant for its offshore wind roadmap, from the Department’s Economic Development Administration (EDA). The project will create a roadmap for establishing a floating offshore wind power industry. The Energy Office’s intention is to examine manufacturing processes, supply chains, port facilities, transportation systems, shipbuilding opportunities, ecosystem relationships, workforce development plans, power interconnections, exports and economic impacts.

Maine’s Offshore Wind Technology

In 2016, the U.S. Department of Energy (DOE) and Department of the Interior (DOI) released a National Offshore Wind Strategy document. It stated that 80% of the country’s electricity demands are from coastal states, and that the total U.S. offshore wind energy potential is more than twice the national usage. The Gulf of Maine’s wind quality is higher than most parts of the U.S. As such, a 2009 Ocean Energy Task Force report set goals, one of which was installing 5 GW (5,000 megawatts) of offshore wind energy by 2030.

The University of Maine (UMaine) has, over 10 years, developed patented VolturnUS floating concrete hull technology. It has potential to significantly reduce the cost of offshore wind and supports wind turbines in water 150+ feet deep (Maine’s waters are some of the deepest around the country, approximately 200 feet deep). In 2013, the university deployed a VolturnUS prototype one-eighth of regular size. It was the first grid-connected floating wind turbine system in the Americas, and data from this has fuelled the development of two full-scale floating offshore hulls for wind turbines.

The Aqua Ventus Project

In 2019, the Public Utilities Commission (PUC) signed a 20-year power purchase agreement for Maine Aqua Ventus. The project will deploy a turbine on VolturnUS, the floating concrete semi-submersible hull developed by UMaine, south of Monhegan Island. The state’s and UMaine’s goals are to demonstrate VolturnUS tech at full scale, to create jobs, provide clean energy at low cost, and pave the way for other floating wind farms.

Are you developing new software, products or inventions? Did you know your R&D experiments could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.

Who We Are:

Swanson Reed is one of the U.S.’s largest Specialist R&D tax advisory firms, offering tax credibility assessments, claim preparation, and advisory services. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.

Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs and CFPs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.

Top States for Doing Business 2016

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How does your state rank for doing business? CNBC ranked all 50 states for business using a range of publicly available data.  They used a points-based system for each of the 10 categories of competitiveness.

Here are the results:

Workforce

Rating based on education level of the workforce, the numbers of available employees, and the states’ demonstrated abilities to retain college-educated workers.

Top 5

  1. Colorado
  2. Massachusetts
  3. Virginia
  4. North Dakota
  5. Arizona

Bottom 5

  1. Maine
  2. Missouri
  3. Hawaii
  4. Vermont
  5. Kentucky

Cost of Doing Business

Rating based on the competitiveness of each state’s tax climate, as well as state-sponsored incentives that can lower the cost of doing business. Utility costs can add up to a huge expense for business, and they vary widely by state. Also considered was the cost of wages, as well as rental costs for office and industrial space.

Top 5

  1. Indiana
  2. Iowa
  3. Mississippi
  4. South Dakota
  5. Kentucky

Bottom 5

  1. Hawaii
  2. California
  3. Maryland
  4. Connecticut
  5. Massachusetts

Infrastructure

Rating based on the vitality of each state’s transportation system by the value of goods shipped by air, waterways, roads and rail. The availability of air travel in each state, the quality of the roads and bridges, and the time it takes to commute to work was taken into account, as was the condition of each state’s drinking water and wastewater systems.

Top 5

  1. Indiana
  2. Tennessee/Texas
  3. Tennessee/Texas
  4. Georgia
  5. Minnesota

Bottom 5

  1. Rhode Island
  2. New Hampshire
  3. Maine
  4. Connecticut
  5. Hawaii

Economy

Rating based on economic growth, job creation, consumer spending, and the health of the residential real estate market. Each state’s fiscal health was measured by looking at its credit ratings and outlook, as well as its overall budget picture. Also considered was the number of major corporations headquartered in each state.

Top 5

  1. Texas
  2. Colorado
  3. Utah
  4. Florida
  5. Oregon

Bottom 5

  1. Mississippi
  2. Maine
  3. Alabama
  4. West Virginia
  5. Louisiana

Quality of Life

Rating based on livability, including several factors, such as the crime rate; inclusiveness, such as antidiscrimination protections; the quality of health care; the level of health insurance coverage and the overall health of the population. Also evaluated were local attractions, parks and recreation, as well as environmental quality.

Top 5

  1. Hawaii
  2. Minnesota
  3. Vermont
  4. New Hampshire
  5. Maine

Bottom 5

  1. Arkansas
  2. Missouri
  3. Oklahoma
  4. Louisiana
  5. Tennessee

Technology and Innovation

Rating based on support for innovation, the number of patents issued to their residents and the record of high-tech business formation. Also considered were federal health, science and agricultural research grants to the states.

Top 5

  1. Washington
  2. California
  3. Massachusetts
  4. New York
  5. Maryland

Bottom 5

  1. Mississippi
  2. West Virginia
  3. Wyoming
  4. Arkansas
  5. Louisiana

Education

Rating based on the number of higher-education institutions in each state, as well as long-term funding trends for higher education. Also evaluated were several measures of K–12 education, including test scores, class size and spending, as well as digital and lifelong learning opportunities in each state.

Top 5

  1. Massachusetts
  2. Minnesota
  3. Wyoming
  4. Illinois
  5. Virginia

Bottom 5

  1. Nevada
  2. Idaho
  3. Mississippi
  4. Arizona
  5. Alabama

Business Friendliness

Rating based on the freedom each state’s legal and regulatory frameworks provide for business.

Top 5

  1. New Hampshire
  2. South Dakota
  3. Virginia
  4. North Dakota
  5. Idaho

Bottom 5

  1. California
  2. West Virginia
  3. Illinois
  4. Mississippi
  5. Hawaii

Cost of Living

Rating based on cost of housing, food and energy.

Top 5

  1. Mississippi
  2. Kentucky
  3. Arkansas
  4. Alabama
  5. Tennessee

Bottom 5

  1. Hawaii
  2. New York
  3. Delaware
  4. California
  5. Connecticut

Access to Capital

Rating based on venture capital investments by state, as well as small-business lending on a relative basis.

Top 5

  1. Illinois
  2. North Carolina
  3. California
  4. Michigan
  5. New Jersey

Bottom 5

  1. Wyoming
  2. Vermont
  3. West Virginia
  4. Delaware
  5. New Mexico

Many US businesses can take advantage of the state and/or federal R&D tax credit. Please contact a Swanson Reed representative to find out what is available in your state and whether your business qualifies.

R&D snowboard manufacturing lab opens in Maine

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Winterstick Snowboards, the first modern snowboard manufacturing company in the world, have opened a research and development lab in Sugarloaf Mountain Resort, Maine. The company will be led by legendary riders, Tom Burt and Seth Wescott, and Chief Engineer Daniel LeRoy.

The R&D facility will allow Winterstick to tailor their snowboards to meet respective mountain conditions and the unique styles of today’s riders. The making of each style of board is researched, exclusively designed, and hand-crafting to create a customized product specific to each customer’s requirements. Ultimately, Winterstick creates their state-of-the-art products for riders that seek complete customization in creating their dream snowboard.

The opening of the West Mountain R&D Lab returns Winterstick to its roots when Dimitrije Milovich first started designing and building his own boards in-house, and established the original snowboarding company in 1972. Winterstick has a large worldwide and loyal following and the R&D lab provides the company with the unique capabilities to turn their riders’ dream boards into a reality.

The West Mountain R&D Lab opened to start the 2016-17 season and has already produced hundreds of ‘Maine Made’ custom boards. The opening of this R&D lab allows the company to bring its innovative design and production technologies to life and craft snowboards like never before.

If you would like to find out more about R&D and whether your business could be eligible for the R&D Tax Credit, contact us today. We would be happy to assist you through the process.

Slow but steady economic growth in New England states

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The New England economy has continued to move in a positive direction, according to the Federal Reserve Bank of Boston. The economy has seen consecutive yearly increases in employment as of the third quarter of 2016. These increases have been led by construction, hospitality, and information industries.

Only a year earlier in 2015, much of the region lagged the nation in terms of economic recovery. By September 2016 unemployment was as low as 2.9 percent in New Hampshire, 3.3 percent in Vermont, 3.6 percent in Massachusetts, and 4.1 percent in Maine, all lower than the national average of 5.0 percent that month.

Technology Driving Growth

Technology-related sectors are major economic drivers in New England, particularly in the R&D focused area of Massachusetts, which for generations has been renowned for the brainpower residing on its university campuses. The State Technology and Science Index from the Milken Institute once again named Massachusetts the nation’s most innovative state, continuing its strong run since 2002).

Among the region’s biggest tech-related headlines was word from Akamai Technologies that it plans to expand its corporate headquarters in Cambridge, Massachusetts. The tech company is spread across six buildings currently present, however plans to consolidate into two. In the process 700 jobs are expected to be added to the 1,666 already there. Another 400 new tech jobs are promised in Lowell, where cloud-based workforce management solutions provider Kronos plans to move its headquarters from nearby Chelmsford.

Rhode Island may be small but it gets its share of technology development, too. One of the past year’s biggest announcements involved plans by GE Digital to launch an information technology center in Providence, with the potential to create hundreds of new jobs, starting with about a hundred at the outset. The company cited strong university partnership opportunities and a healthy tech talent pipeline in making its decision.

The life sciences are historically strong in the region, led by Massachusetts. Among the developments, Siemens Healthcare Diagnostics intends to invest $300 million in an expansion of its office, warehouse, and lab space in the Massachusetts community of Walpole. As many as 400 new jobs will join the 600-plus that will be retained.

Pro-Business Initiatives

There is wide spread initiative seeking to explore a variety of ways to grow the areas economies. The state of Connecticut plans to builds upon its economic strengths with a variety of programs designed to facilitate growth. Its Small Business Express program gives small businesses access to capital and job training, and has benefited more than 1,500 companies and contributed to the creation or retention of about 22,500 jobs. Meanwhile, the First Five Plus program is designed to boost large-scale expansion or relocation projects, with a focus on generating capital investment and creating jobs. According to a recent analysis of the program, just over a dozen companies have signed up to participate, and they’ve collectively invested more than $1.3 billion in infrastructure and human capital, creating nearly 3,800 jobs.

The state of New Hampshire is making a variety of ongoing investments to boost innovation. For example, nearly 200 companies were awarded research and development tax credits in the past year. Companies of all sizes are eligible for the state’s program, which is based on qualified manufacturing research and development. And the New Hampshire Department of Resources and Economic Development recently landed federal grant money to help businesses expand their global opportunities.

Among the ways Rhode Island supports business growth is the Innovation Voucher program. A recent round of voucher funding is supporting six small companies that have entered into R&D partnerships with local universities. The recipients are involved in everything from life sciences to wind energy advancements to wireless charging of unmanned air and underwater vehicles. Also recognizing that big ideas tend to start small, the publicly financed Maine Technology Institute recently launched a new round of seed grant funding for 19 fledgling tech companies, plus several development loans and TechStart grants. Maine’s leadership offered additional signals of the state’s intent to keep moving in business-friendly directions — the governor, for example, laid out a proposal to gradually scale back Maine’s income tax until it hits zero in 2024.