Be Sure to Maximize Your Work Opportunity Tax Credits (WOTC)
Newly-released IRS guidance allows you to capture missing Work Opportunity Tax Credits (WOTC) for employees hired between January 1, 2015 and May 31, 2016. This is a great opportunity for you to...
View ArticleEmpowerment Zone Tax Credit Extended Under PATH Act
With the passage of the PATH Act in December, the Empowerment Zone Tax Credit was extended through December 31, 2016, providing tax credits for businesses and employers that hire employees who reside...
View ArticleActive Duty Employee Differential Wage Payment Credit Now Available to All...
Since 2008, the Internal Revenue Code has allowed a credit of up to $4,000 per year for employers who continue to pay qualified employees while on active duty in the uniformed services of the United...
View ArticleThe Extension of the Indian Employment Tax Credit
Following President Obama’s signature of the Consolidated Appropriations Act (the Act)[1], an array of tax credits and incentives were extended through 2016 that offer businesses an opportunity to...
View ArticleThe Legislative Updates to Employer-Provided Mass Transit and Parking Benefits
Last December, President Obama signed into law an omnibus spending bill called the Consolidated Appropriations Act (the Act) which changed a number of tax provisions as they relate to both employers...
View ArticleSix in 2016: Tax Credit Categories Employers Should Consider
As a business owner, are you aware of the tax credit categories your business should consider leveraging in 2016 to potentially help you offset costs while securing lower effective tax rates? Take a...
View ArticleRhode Island Budget Bill Enacts New Credits
The Rhode Island budget bill1 for fiscal year ending June 30, 2016 includes the enactment of several new tax credits and incentives designed to encourage business development in the state, as well as...
View ArticleRhode Island Hopeful New Tax Credit Will Bring Jobs
Rhode Island State Rep. K. Joseph Shekarchi announced in May that he was introducing legislation aimed at creating jobs in his state by awarding tax credits to companies that either relocated to Rhode...
View Article“California Competes” Tax Credit Application Period Starts Jan 4
This summer, the California Governor’s Office of Business and Economic Development (GO-Biz) announced1 three online application periods for the fiscal year 2015-2016 California Competes Tax Credit....
View ArticlePotential Changes to WOTC in 2016
Savvy HR professionals know that the Work Opportunity Tax Credit (WOTC) can be a great way to receive tax benefits while offering valuable employment opportunities to target groups in the community....
View ArticleBusiness Owners: It’s Still Possible to Take Advantage of Some 2015 Tax Credits
If you’re a business owner, one of the items on your year-end checklist should be to check what tax credits are available to you. If your business is eligible, taking advantage of a tax credit can help...
View ArticleThere’s Always Room for More: Identifying Negotiable or Discretionary Incentives
There are many different types of tax and business incentives offered by the federal and state government to help encourage businesses to either locate or expand in targeted areas. Many of these...
View ArticleNorth Carolina Enacts North Carolina Competes Act
On September 30, 2015, North Carolina Governor Pat McCrory signed into law the North Carolina Competes Act (HB 117)1 (the “Act”), which the governor has identified as a key component of his...
View ArticleWisconsin Enacts Business Development Credit, Sunsets Other Credits
Wisconsin Act 55 (“Act 55”).1 The new budget contains numerous tax provisions which will impact many tax credits and incentives. Some of the key changes are outlined below. Business Development Credit...
View ArticleNew York Introduces Employee Training Incentive Program Tax Credit
The 2015-16 New York Assembly budget bill1 added the Employee Training Incentive Program2, which provides approved New York taxpayers with a training tax credit, effective for tax years beginning on or...
View ArticleFlorida Issues Guidance on Sunset of Enterprise Zone Program
The Florida Enterprise Zone program (the “Program”) is set to expire on December 31, 2015 (except for certain extensions).1 In anticipation of the expiration of the Program, the Florida Department of...
View ArticleMississippi Tax Credit Encourages Manufacturing Companies to Stay Local
A big challenge in today’s economic environment is the need to retain homegrown businesses even as states compete with each other for jobs and talent. Tax incentives are one way states can encourage...
View ArticleVA’s Major Business Facility Job Credit Creates Opportunities for Area...
The Commonwealth of is known for being a pro-business state. In the last ten years, manufacturing companies have invested more than $16 billion dollars and created over 70,000 new jobs, according to...
View ArticleMaine Eliminates Several Credits, Including Jobs and Investment Credit
After a contentious legislative process, the Maine Legislature decided to override Governor Paul LePage’s veto to enact a 2016-17 budget bill.1 Personal income tax provisions in the new budget include...
View ArticleNegotiating the Complex World of Transferable Tax Incentives
There are many tax credits and incentives available to businesses today. To date, there are 46 states that offer some form of tax credit.[1] These incentives can be effective tools to help businesses...
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