State and Local Tax Credits and Incentives

Federal, state, and local tax programs and incentives can help businesses finance new projects, expand operations, train employees, and enhance after-tax earnings. With one of the largest State and Local Tax practices in the country, CohnReznick will work with you to identify the right strategic opportunities for your business and guide you from research through implementation.

Our team members have experience working with clients on film tax credits, Urban Enterprise Zone tax benefits, and New York State’s Excelsior jobs tax credit, as well as audit defense work and planning when needed. In addition, we have assisted clients as they are planning to relocate or in the process of researching new areas of expansion, including providing reviews of applicable incentives and credits in new states. We work with clients to determine the credits and incentives they should include in their planning processes as they look to the future. States and localities offer various tax credits and incentives, many of which are based on qualifying investments and new job creation. These benefits can come in many forms, including:

Income/franchise tax credits
Sales and use tax credits, as well as exemptions
Discretionary tax incentives
Grants and/or microloans to help subsidize operations

Areas in which states offer incentives include:

Investment tax credits for qualifying capital improvements or equipment
Job training credits for employee training and/or retention Job creation credits for new employment created within the state
Relocation credits for shifting employees from one state to another
Relocation credits for moving expenses
Credits and incentives for hiring qualified veterans, individuals with disabilities, or at-risk youths
Research and development (R&D) tax credits for the costs incurred in R&D
Work opportunity tax credits (WOTC) for hiring individuals from targeted groups
Film tax credits
Green tax credits for sustainability and efficiency
Credits for investments in Opportunity Zones

What can CohnReznick do for you?

CohnReznick's team utilizes years of experience and relationships with economic development departments to provide clients with to help clients identify and maximize opportunities. Our team members can:

Perform comparative analyses of available tax credits and incentives in requested states, quantify potential benefits, and work with economic development agencies to help obtain statutory and/or discretionary tax incentive packages.
Review company activities to identify retroactive credit opportunities, including identifying credit types, quantifying the benefits forgone, and claiming identified credits for prior years by filing amended returns.
Work with clients who have already obtained credits and incentives packages to implement best practices and help complete annual certification requirements.
Identify tax exemptions and/or credits that can be utilized immediately, without a formal application process.

For questions, please contact Arvinder Kaur and Lance Rothenberg.

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