Many states offer lucrative tax credits to encourage businesses to relocate, hire, or invest within a state’s borders. These incentives are a no-brainer for smart executives. But after the deal is done, many companies struggle to capture all of the intended tax credits because of missed deadlines on capital investment and hiring.
Problem: Leaving Tax Credits on the Table because of Missed Deadlines
Solution: ICS Compliance Monitor
Maximizing non-WOTC credits and incentives is about the process. With Walton’s ICS Compliance Monitor, you can see exactly where you are in the process of obtaining tax credits and incentives. The ICS Compliance Monitor Dashboard shows deadlines and progress for each state tax credit or incentive your company is planning on participating in.
For example, let’s say your company is participating in the Illinois Edge program, the California Competes program, and the New Jersey Grow program. For the Illinois Edge program, your company must invest $5 million and must create a minimum of 25 new jobs. You can see on your dashboard that your company has spent more than $5 million to expand your manufacturing facility, but has only created 18 new jobs. You can then direct your HR team to create the remaining 7 jobs so that your company will be eligible to receive your tax credits. At a glance, you’ll know exactly where you are in each state of the project.
While potentially lucrative, sate tax credits can be complicated. It is easy to miss key deadlines and objectives to obtain tax credits; especially if your company has several tax credits initiatives in different states, all with different rules. With the ICS Compliance Monitor, you can instantly see if you are on track for big tax credits or in need of action to ensure your company is not leaving money on the table. Would you like to effortlessly monitor your company’s state tax credits?