Innovations in jet propulsion and rocketry require significant investments in research and development (R&D). New developments in jet propulsion technology are paving the way for more powerful and efficient engines, and have been made possible through new materials, improved processing techniques, progress in turbomachine technology, and many other industry advances. If your company designs and tests new equipment, engineers enhanced guidance/telemetry techniques, or improves the safety, sustainability, or range of applications of existing designs, it may be eligible to claim the R&D Tax Credit.
Employee wages, raw materials and supplies, cloud computer rental, and third-party contractor costs associated with R&D activities are considered qualified research expenses (QREs). Companies can receive refunds of up to 22% of total QREs through federal and state tax credits, depending on the state in which your business operates.
Examples of qualifying activities:
Do you have these job titles on your payroll, or do you hire third-party contractors to do these jobs?
Benefits for the R&D Tax Credit vary from state to state. Get an accurate estimate of what your potential state tax credit!