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Other Federal and State Tax Incentives
With the right process in place, your strategic investments can yield material tax credits.
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State Incentives
Seeking a competitive advantage in attracting business, many states offer incentives for hiring or retaining employees, investing capital, as well as encouraging many other social, economic, and environmental activities. Most companies are actively doing these things without capturing the benefit. TCC navigates compliance on behalf of our clients, while maximizing the benefit.
Federal Incentives
The Empowerment Zone and Indian Employment Credits incentivize employment in targeted communities. The Empowerment Zone Credit is extended through 2025. The Indian Employment Credit is extended through 2021. All are retroactively available for three years.
A variety of incentives are available for employers located in the state’s Enterprise Zones. Colorado state tax credits are available for businesses investing in job training (whether that training occurs onsite or offsite). Incentives also apply to companies expanding their workforce.
Georgia offers incentive programs that allow employers to offset either state income tax or payroll tax withholdings. There is a range of benefit available, based on the number of jobs created and the associated wage. Certain industries are excluded from qualification, and in order to be eligible for tax credits, jobs must be full time.
Applicable to the entire state of New York, state tax incentives reward employers for hiring and retaining youth (16-24) and veterans. The New York Youth Jobs Program offers state income tax credits of up to $7,500 to offset the wages of full-time or part-time employees. The state’s Hire a Veteran credit can generate state income tax credits of up to 15% of the total wages paid.
Applicable to a number of industries, the South Carolina Jobs Tax Credit rewards companies for expanding their workforce. Depending on the business’ location within the state, incentives can reach $25,000 per job created. Once secured, credits are available for a 5- year window. Any unused portions of the credit can be carried forward.
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TCC delivers tax incentive and human resources technology-enabled services.
We specialize in solutions for the Work Opportunity Tax Credit (WOTC), income and employment verification, research & development tax credits, sales and use tax incentives and other federal and state tax incentives.