Economic Incentives You Do Not Want To Miss1 min read
There are State and Local Government economic incentives that are often missed by growing new businesses because they do not apply early enough. Or companies think their project was not large enough or important enough to warrant said incentives.
There are specific conditions and events that act as key triggers to help companies determine whether they qualify for economic incentives. It is important that companies continually ask themselves if they are hitting the following triggers:
- Adding Jobs
- Buying, Leasing or Building a Facility
- Relocating Operations
- Expanding or Downsizing
- Acquisition or Merger
- Training Incentives
- Investing in Research and Development
Timing is crucial for any company who is interested in obtaining incentives and these incentive opportunities can be jeopardized if a company engages in any of the following actions before starting the incentive negotiation process:
- Sign or Extend a Facility Lease
- Purchase or Expand a Building
- Pull Any Permits or File Applications
- Hire New Employees
- Purchase and Install New Equipment
- Make a Public Announcement
Although a company should never select a location based solely on incentives, financial assistance can help offset a project and/or operating costs can become the deciding factor if all elements are equal.
This article was provided by McGuire Sponsel, an Indianapolis firm that focuses on finding Economic Incentives for businesses. Simons Bitzer regularly partners with McGuire Sponsel to assist our customers. Call us today to schedule a time to discuss at 317.782.3070.
Here are a few additional articles you might be interested in:
JOB DESCRIPTION Position: Firm Administrator Department: Administration Status: Full Time Position Summary The Firm Administrator ensures the smooth, profitable operations of the Simons Bitzer office and provides comprehensive support to the Managing Principal....
JOB DESCRIPTION Position: Staff Accountant Department: Accounting Status: Full Time OVERALL SUMMARY OF POSITION: As a Staff Accountant, you will have the opportunity to help ensure that the firm’s clients receive high quality services on a timely basis by supporting...
The Bipartisan Budget Act signed into law in 2015 and effective for partnership returns filed for taxable years beginning after 2017 has significant impacts on partnership audits. Most notably that audit adjustments are to be recognized in the year an audit is...