Economic Development Incentives

 

Most business people know that state and local incentives can be negotiated for large expansion and relocation projects.  Projects that make a news splash, like a new auto plant, are often granted large incentive packages. 

What many people do not realize however, is that companies often miss opportunities to claim economic development incentives.  For one thing, many incentives are available for activities that do not necessarily make a news splash.  Also, incentives that are granted to companies are often not claimed properly, so money can be left on the table.

At Outlaw Consulting, we focus on incentive opportunities, so we can help you make sure you are getting tax credits and incentives that are available.  We can help with negotiating incentive packages, compliance for incentive programs, or reviewing your situation for refund opportunities and missed tax incentives.  Areas we focus on include:

Job Creation Incentives:  Many States offer income tax credits for job creation.  In many cases, these credits do not require pre-approval and can be claimed retroactively.  There are also withholding based job creation incentives in many States that more commonly require pre-approval. 

Capital Investment Incentives:  Tax credits for capital investment, particularly for capital investment related to manufacturing, are common and can often be claimed retroactively.

Training Incentives:  There are several States that provide tax credits related to training.  More commonly, States provide grants for training on a reimbursement basis.  Grants typically need to be negotiated before training activities take place.

Research Incentives:  The federal research credit is often overlooked by companies because the definition of “Qualified research expenditures” encompasses more activities than many people realize.

Property Tax Abatements:   Property tax abatements are commonly negotiated for expansions, and can reduce the cost of relocating or purchasing new machinery. 

In addition to Economic Development Incentives, we also assist clients with Hiring Incentives and Environmental Incentives.