Did you Know

Did you Know?

Tax Credits are tools designed to stimulate economic development revolving around Hiring, Expansion, Training, Capital Expenditures, Investment and other business activities, and are a dollar-for-dollar reduction in the company’s tax liability. New changes in tax credit law provide for companies taking the credits against employee withholding taxes. Because of the compliance requirements associated with Tax Credits, very few companies are aware of the opportunities available to them as the programs are not typically marketed by the government or performed by accountants because they are specialists in tax code, but not necessarily tax credits. Below are some of the State and Federal Tax Credit programs available to companies.

State Tax Credit Programs

  • Retraining Tax Credit - Up to 50% of Training Cost
  • Jobs Tax Credit - Up to $8,000 per Employee
  • Investment Tax Credit - Up to 12% of Expense
  • Research & Development Tax Credit - Up to 10% of R&D Expense
  • Enterprise Zone Tax Credit - Up to $10,000 per Employee
  • Corporate Headquarters Tax Credit - Up to $10,000 per Employee
  • Opportunity/Military Zone Tax Credit - Up to $3,500 per Employee
  • Energy Tax Credit - Percentage of Heating, Cooling & Lighting Expenditures
  • Low-Income Housing Tax Credit

Federal Tax Credit Programs

  • Work Opportunity Tax Credit - Up to $9,000 per Employee
  • Renewal Community Tax Credit - Up to $1,500 per Employee
  • Empowerment Zone Tax Credit - Up to $3,000 per Employee
  • Katrina Tax Credit - Up to $2,400 per Employee
  • Hurricane Disaster Tax Credit - Up to $2,400 per Employee
  • Indian Employment Tax Credit - Up to $4,000
  • Disabled Access Tax Credit - Up to $5,000 per Year
  • Research & Development Tax Credit - Up to 14% of R&D Expenses
  • Historic Tax Credit - Up to $300,000