Credits & Incentives
States and local jurisdictions often encourage economic development for specified locations and industries by offering tax credits and other incentives, including economic development zone benefits, statutory credits, negotiated incentives, and hiring and training grants. Companies that are eligible for credits and incentives often miss such opportunities because identifying the available programs, navigating the labyrinth of eligibility requirements, and completing the necessary paperwork to claim and track benefits can be complex and time-consuming. To ensure that our clients receive the benefits to which they are entitled, GMG works to explore the availability of credits and incentives when clients are:
- relocating or expanding operations;
- acquiring, merging or consolidating operations;
- entering new industries or markets;
- building new facilities;
- refurbishing existing facilities;
- purchasing new equipment;
- conducting research and experimentation activities;
- hiring new employees; and
- training new and existing employees.
Companies that have undertaken such activities in previous periods may also be eligible for benefits. In addition to identifying potential or existing credits and incentive opportunities for our clients, we work closely with them to:
- quantify potential benefits;
- compare benefits arising from credits and incentives available for multiple locations; and
- maximize benefits available through careful step-by-step planning.
To this end, we assist our clients with (i) gathering information necessary for determining eligibility and quantifying potential benefits, (ii) filing all forms necessary to secure potential credits and incentives, and (iii) conducting periodic reviews to ensure that our clients continue to receive benefits in future periods. As with GMG's other service offerings, in the credits and incentives area, we customize our approach to fit the needs of each client. In this regard, we find that some of our clients ask us to handle discreet projects and answer periodic technical questions while others prefer to use GMG as an extension of their internal tax departments.
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