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Incentive Programs are available in all 50 States

Wed, 05 Jun 2024 01:06:07 GMT

As of 2023, All 50 States Offer Incentives for Expansion and Retention Projects

According to the Council for Community and Economic Research (C2ER), a total of 2,425 state incentive programs are available in all 50 states. The top 5 are tax credit programs (671), grants (568), loan programs (479), tax exemptions (310), and (237) are categorized as other. In addition, 100’s of new programs have been added or updated since 2023.

https://www.stateincentives.org/#:~:text=State%20Business%20Incentives%20Database,RightState

The top 6 states by number of incentive programs offered are:

Maryland
Oklahoma
Pennsylvania
South Carolina
Massachusetts
Kansas

Why Partner with an Outside Firm to Manage State and Local Incentive Programs?

Wed, 05 Jun 2024 00:50:17 GMT

Advantages of Working with a Partner

Utilizing state and local incentives shouldn’t be viewed as a daunting task. Sure, there is some paperwork to complete and specific timing involved with most programs, but the work does not outweigh the reward; your bottom line!

State and local incentives can be captured in various ways; from tax credits to cash awards. Some are given at the start of a project while others are awarded over time when certain job targets and capital investment milestones are achieved. If you are relocating or expanding your business operations, and have received an incentive package, consider utilizing an outside firm to manage compliance.

A growing business has many tasks ahead and your full focus and attention is given to construction timelines, becoming operational, hiring the right staff, purchasing equipment, permitting, and more. While you are focusing on all of these important responsibilities, it is easy to miss a looming application or reporting deadline. And what about the documents that need to be filed prior to creating jobs or committing to the initial capital investment? An existing staff can be given additional duties to manage the incentives, but do you really want your Human Resource Manager or Training Coordinator focusing on incentive compliance and regulations? As CEO, is your time best utilized completing paperwork? If you chose to hire a dedicated staff person, how much of their time will be split between compliance and other duties as assigned? The average term of an incentive program can be 3 years or more, so what happens when the assigned staff moves on to another job or assignment? Who will keep up with the project, and more importantly, who understands the programs well enough to pick up where they left off? Missing critical deadlines can cause delays in payments, trigger a default or repayment event, and keep your company from future use of programs.

Let COMPASS Plus LLC be your one stop, single point of contact for managing your incentive package from start to finish. We will ensure critical filing deadlines are met, and help your company stay in compliance so you can fully utilize your incentive package. In addition, as you grow and business needs change, we will continue to seek additional resources.

If you have received a state or local incentive package, consider hiring an outside firm to manage your incentive package so you can stay focused on growth and success.

Incentives: A Powerful Resource for Business

Wed, 08 May 2024 00:36:39 GMT

Unlocking the Value of Government Incentives

Government incentives are an often-overlooked yet powerful tool that businesses can leverage for financial success. They offer a multitude of benefits for those who understand how to navigate them. In a recent blog post by Marcum Accountants, the value of credits and incentives is brought to the forefront.

As the blog post outlines, incentives are specifically designed to encourage certain economic activities:

Investment and Expansion: Various credits exist to incentivize things like capital investment in new facilities or expansion of existing ones.
Job Creation: Businesses focused on hiring and training can benefit from job-related tax credits or direct cash grants.

Location and Industry: Many incentives are tailored to revitalize underserved areas or to promote growth in specific industries like manufacturing or high-tech.

The Need for Expertise

Tapping into incentives can be incredibly beneficial; however, navigating the world of incentives can be complex. The Marcum team rightly states, "Businesses should carefully review the tax incentives available and consult a professional credits and incentive advisor to assist with the process." This type of expert guidance is a strong recommendation.

COMPASS Plus: Your Incentive Navigation Partner

At COMPASS Plus, we understand the complexities of credits and incentives, and we're here to guide you. State and federal programs emerge and evolve frequently. COPMASS Plus keeps your business top of mind and can determine if new programs, incentives, and resources are right for you.

Our Business Development & Incentive Procurement services are specifically designed to help businesses secure and utilize these valuable benefits. We provide:

Strategic Guidance: Tailored advice on the best incentives for your specific business needs.
Application Support: Expert help preparing applications and managing reporting requirements.
Compliance Assurance: Help with navigating regulations and avoiding potential pitfalls.

Take Advantage and Grow

The blog post by Barry Halpern, Marcum LLP, Partner, Tax & Business Services, provides great insight for any business interested in exploring the potential of incentives. As the article concludes, "Credits and incentives are powerful tools used by governments to trigger desired actions. These incentives could benefit companies that engage in or are looking to become involved in certain activities."

If you're ready to see how incentives can boost your bottom line, COMPASS Plus is here to help.

https://www.marcumllp.com/insights/untapped-potential-why-companies-overlook-millions-in-state-incentives