Don’t Overlook State Tax Credits- They’re Everywhere Your Business Operates

The SALT Shaker

As businesses look to cut costs in all aspects of their operations, one often-overlooked area for savings is the hidden state-tax incentives available where they do business, not just where they’re headquartered. For example, if a firm is headquartered in Maryland and has a distribution center in California, it may be eligible for tax incentives under the Enterprise Zone tax-credit programs in California. The city of Anaheim, California, was one of the latest areas to be designated for the program this past February. Employers in the city are eligible to receive $37,440 in tax credits per hire for up to five years.  Firms doing business in Denver, Colorado are eligible for up to nine state-tax credits, which range from new business or existing business expansion credits to a 3% investment-tax credit for making purchases of property used exclusively in the Enterprise Zone for at least one year.

All of the states are anxious to bring new employers into their state and are willing to offer financial assistance to businesses relocating to their state. If your company operates in multiple states or is considering an expansion to new markets, consider the cost savings available from state tax incentives. The KatzAbosch SALT Group is currently helping clients maximize their state tax credits. Please contact Andy Bareham to make sure you are receiving all of the state tax incentives that you are entitled to receive.

The SALT Shaker is prepared by Andy Bareham, Chair of the KatzAbosch SALT Group

 

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