Tax Credits and Incentives
Maximize tax savings and benefit from a range of tax credits and incentives designed to grow businesses nationwide.
Governments and economic development organizations offer tax credits and incentives to businesses to promote economic growth. These credits and incentives are available to organizations that meet certain criteria, such as investing in people, property, and equipment. To qualify for these benefits, businesses often need to demonstrate a commitment to capital investment, job creation, and/or training.
Businesses can qualify for various tax incentives. These incentives may be refundable, retroactive, non-refundable, or transferrable. Some examples of these incentives include withholding tax credits, sales & use tax exemptions, property tax abatements, and training incentives.
Tax Incentive by Industry
The credits and incentives landscape includes over 2,400 tax credits available throughout the country. These may apply to entities of all types in a wide array of industries, including:
Incentive Types
Federal Incentives
The Work Opportunity Tax Credit (WOTC) is the nationwide's most widely accessed tax credit. This credit incentivizes organizations to hire individuals who traditionally face barriers to employment. The Federal Empowerment Zones Tax Credit also provides location-based incentives to organizations in designated economically distressed areas.
State Incentives
State incentives offer valuable financial benefits to organizations, increasing cash flow and helping to maximize earnings. Examples of state tax credits include:
- NYS Excelsior Jobs Tax Credit Program
- NYC Relocation Employment Assistance Program
- NJ Historic Property Reinvestment Program
- Illinois EDGE Tax Credit
- Georgia Jobs Tax Credit
- Arizona Quality Jobs Tax Credit
Additionally, many states provide training grants and tax credits to support employee development. Some notable programs include:
- California Employment Training Panel
- Georgia Retraining Tax Credit
Local Incentives
Common local tax incentives include:
- Payments In Lieu of Taxes (PILOT)
- Services in Lieu of Taxes (SILOT)
- IDA agreements
- TIF agreements
- Sales and use tax exemptions
- Utility rate discounts
- Expedited permitting
These incentives, and others, can help businesses reduce costs, attract talent, and expand operations.
How to Know if Your Organization Qualifies for a Tax Incentive
Several operating activities can result in qualifying for a tax incentive, including:
- Hiring new employees
- Purchasing or leasing new equipment
- Mergers and acquisitions
- Relocating or expanding operations
- Providing employee training
- Buying/leasing/expanding buildings
Tax Credit & Incentives Services
Negotiated Incentives
Multistate Tax Credit Diagnostic
Federal & State Point of Hire Tax Credits
Our Approach
The credits and incentives team at EisnerAmper is committed to helping clients pull apart and understand the maze of complex credits and incentives. We identify, secure, and realize the opportunities that benefit and support you and your organization.
We begin by understanding your organization’s goals and expectations. We identify potentially applicable programs and confirm your ability to utilize these incentives. Once programs have been identified and benefits quantified, we will help you plan an appropriate course of action to monetize these benefits based on your facts and circumstances. We then negotiate with jurisdictions (if applicable) and assist you in applying for each program, as necessary. We will then support you in your efforts to manage the compliance process for each incentive, as needed.
Our team’s decades of experience allow us to understand your company and pursue applicable credits and incentives to benefit your long-term plans.
Tax Insights
At EisnerAmper, we provide tax compliance, advisory, and advocacy services for a diverse client base that includes corporations and partnerships of all sizes, as well as high net worth individuals and families, and other operating entities.
What's on Your Mind?
Annette Fago
Annette Fago is a Director in the firm's State and Local Tax Services Group. With over 20 years of experience, Annette specializes in credits & incentives and primarily serves public and closely held companies across diverse industries, including construction, manufacturing & distribution, and hospitality.
Start a conversation with Annette