If you or your business are considering adding new employees or engaging in capital expenditure, you may very well qualify for economic incentives. While the opportunities vary by county, city and state, incentives experts are well-versed in what is available based on location and are equipped to support businesses of all types and sizes. Here are a few tips if your company is looking for advice in this area.
There are two types of incentives: statutory and discretionary. Under state law, statutory incentives are yours if you qualify; perform a certain initiative and you are eligible to seek out certain incentives. Discretionary incentives are a bit trickier – timing is critical. If you have already begun building a new facility or hiring new employees, you jeopardize your opportunity to qualify for discretionary incentives. In order to make sure you receive these it is important to act proactively and identify consultants that know the landscape and can help make sure you’re not missing out on potentially hundreds of thousands in incentives.
Incentives are triggered by adding employees, purchasing equipment, purchasing a new facility or expanding your present footprint, and Mergers & Acquisitions. These activities are all beneficial to the local economy, giving states an “incentive” to help you achieve these goals. Incentives themselves come in many different shapes and sizes, the most common being tax credits. Additional incentives include training grants, tax abatements, infrastructure grants, utilities discount, cash grants, and tax exemptions. By leveraging their expertise and strong network, our team can get the most generous incentive package possible for your business. Once your incentives are finalized, our team will advise your staff on compliance issues to fully monetize incentives.
Incentives are just one part of the services that Bradley Company offers. The incentive period often only lasts a few years, and presumably your business will be around much longer. Our locations advising services makes sure you are settling in the best possible location for your business. It is crucial to examine important business considerations such as the tax climate, the availability of the workforce, and energy rates, when making a location decision. These factors affect your business long after an incentives package expires and are well worth considering.
Thank you to Brian Wahl and Brittany Mann for contributing.
