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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 Jobs Credit
Seeking a competitive advantage in attracting business, many states offer credits for hiring or retaining employees. They may focus on reducing unemployment among certain underserved groups in the population, or on creating a skilled workforce by prioritizing quality jobs in certain industries. TCC navigates compliance on behalf of our clients, while maximizing the benefit.
Federal Incentives
The Empowerment Zone and Indian Employment Credits expired at the end of 2016. In 2017 they were retroactively extended through the end of that year. Congress will be considering a similar extension for 2018.
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.
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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.
