Business Credits & Incentives

The benefits of various tax credits, deductions and incentives for business owners can be quite substantial. However, the confusion surrounding what you qualify for and why may prevent many from taking advantage of these opportunities.

Strategic tax planning can generate more savings and fewer headaches for your organization. After all, utilizing these types of incentives can help businesses like yours operate better and more efficiently through tax-saving opportunities.

State and Local Tax Credits & Incentives

There are many benefits to working with our Business Credits & Incentives team on state and local tax credits and incentives including Statutory and Discretionary Tax Incentives. Statutory incentives are an economic benefit earned by right if a company meets certain thresholds or performs certain activities. In some cases, these incentives can be retroactive, but many of them must be applied prior to the investment being made. Discretionary Tax Incentives are negotiated incentives at the state, county and/or local government’s discretion. Negotiation with state and local representatives from the local Economic Development Corporation (EDC) must happen before plans for capital investment or hiring are made public and are key to success.

Types of Business Credits & Incentives

The government creates a number of options when it comes to tax credits, deductions and incentives for organizations like yours.

These include:

• Research & Development Tax Credit, designed to reward innovation and development
• Fixed Asset Services, for savings throughout the lifecycle of your building asset
• Cost Segregation, to accelerate depreciation deductions and increase cash flow opportunities
• Energy Efficiency Incentives, including Section 45L and Section 179d, these incentives reward building and renovation of green initiated projects
• IC-DISC, an export incentive for U.S. manufacturers and distributors with foreign sales
• Utility Sales Tax Exemption Studies, allow organizations to avoid paying sales tax on electricity and natural gas purchases.

Why Choose Eide Bailly For Your Business Credits & Incentives Needs

Eide Bailly is well versed in tax incentives and credits to help organizations grow. Our tax team is supported by the National Tax Office, which helps clients with specialized tax situations. Further, we have specialists that work specifically in each type of business credit and incentive so you they can help make sense of what opportunities will work for your organization.