Are you maximizing available incentives?
Tax incentives—including credits, exemptions, and deductions—are one of the primary tools that states use to try to create jobs, attract new businesses, and strengthen their economies. States will generally compete for jobs, so it’s critical for companies to be able to effectively negotiate and take advantage of these programs.
The challenge with state and local incentive programs is that they’re complicated. In most cases it makes sense for companies who want to implement an effective incentive procurement strategy, to partner with JM Tax professionals for navigating through these complex programs and to implement an effective incentive procurement strategy.
This procurement planning process often takes at least 6-9 months. All too often companies start the process too late and as a result, they miss out on opportunities because they were not aware of all the incentives or they just get rushed.
Our procurement process includes the following steps:
- Assess incentive plan including identifying areas and possible sites of opportunity
- Negotiate incentive options
- Compare options by site
- Secure incentives
- Annual compliance plan for certifying benefits received by company