The last thing a town or city desires is empty retail space, vacant manufacturing footprint or unoccupied commercial floor space. To entice occupants and jobs, cities and states will offer tax credits to employers who plan to relocate or grow within their boundaries. National, state and local governments often corroborate to offer tax incentives to retain existing businesses and to attract new investments. Each state and local incentive package may differ in specifics, but in general government officials have the discretion to offer training grants, personal and real estate tax abatements and even state and local tax credits to thriving companies.
Somerset recently assisted a professional services company obtain $630,000 in Indiana income tax credits to assist with financing their growth. This Hamilton County Indiana engineering company currently has 24 full time employees and plans to hire 46 additional professionals. The Somerset CPAs and Advisors Tax Incentives Team went to work with the Indiana Economic Development Corporation to assist this company with a tax incentive program that helped finance their growth.
Somerset’s Incentive team can help your growing company seek and navigate through the many grant and tax programs available to companies in your district.
If your company has the following characteristics, then we should schedule a conversation to determine if we can assist you with financing your growth:
- Does your company currently employ 50 or more employees?
- Do you plan to hire 5 new full time employees in each of the next 3 years?
- Have you outgrown your current facility?
- Do you spend company funds training your personnel?
Interested in learning more? Contact one of our Tax Incentives experts today.