What State Tax Credits and Incentives Can My Company Use?
There are many state and local tax credit programs available. Identifying and securing the specific tax credits or financial incentives applicable to your business’s unique situation can be complicated.
Tax credits can reduce the tax amount a business owes to state governments and encourage economic development, job creation, investment and other activities that benefit the state’s economy. Likewise, negotiated incentives can increase your return on investment. Cherry Bekaert’s State Credit & Incentives team offers a comprehensive review to help determine how you can take advantage of these tax benefits.
Tax credits are statutory, low-risk opportunities for income tax benefits that may lower a company’s overall effective tax rate. Financial incentives are generally performance-based incentives that can increase your company’s cash flow. Both credits and incentives are often overlooked. Our professionals have deep technical knowledge and extensive experience working with state and local program administrators and can identify the full spectrum of in-depth state credits and incentives, as well as additional tax services available for your company.
What Are the Benefits of Claiming State Tax Credits and Incentives?
Our State Credit & Incentive review process helps you identify opportunities for:
- Relevant & Applicable State Credits
- Refundable or Transferable Credits
- Location-Based Credits
- Potential Grants, Tax Abatements, Tax Exemptions or Tax Refunds & Rebates
- Training Benefits
- Infrastructure or Free Land Assistance
- Research & Development Tax Credits
- Sales and Use Tax Exemptions
- Operating Cost Reductions
Who Can Benefit From State Tax Credits and Incentives?
- All Employers
- Multistate Taxpayers with Tax Liabilities
- Companies that Train Their Employees
- Companies Entering New Markets, Adding Production Lines
- Businesses Restructuring, Planning Expansions, Mergers or Consolidations
- Businesses with Significant Capital Expenditure Budgets or Recurring Annual Equipment Costs (Retooling)
- Companies with Real Estate Issues (i.e., Lease Expiration, Obsolete Factory, Considering Relocation)
- Companies Importing or Exporting Product Through State Ports