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"Tax Credits and Incentives: Are You Missing The Boat?"

  • 06/06/2011

When a shareholder grabs the microphone at an annual meeting and asks if the company is taking full advantage of the estimated $60 billion available each year in federal, state and local tax credits and incentives, most CEOs quickly pass the question to their CFO, who will typically provide shareholders with some level of assurance that their company is engaged in all of the appropriate programs designed to reduce operating costs and minimize tax liability.

There currently are nearly 3,000 tax credits and incentives programs in the United States, sponsored by federal, state and local governments to drive job creation, employee training, capital investment and new business development. These statutory and negotiated opportunities including point-of-hire tax credits, to property & sales tax incentives, to utility & infrastructure abatements, to name a few are available to companies of all sizes, across a broad range of industries.

But a relatively small number of companies, regardless of their size or financial sophistication, are benefitting fully from the tax credit and incentive-related benefits to which they are entitled. Industry estimates suggest that fewer than 25 percent of eligible US businesses participate in the federal government's Work Opportunity Tax Credit (WOTC) program; and despite an array of lucrative employee tax credit and incentive opportunities offered in all 50 states, only about 10 percent of participating companies appear to be taking advantage of them properly.

Read the full story online at chiefexecutive.net...


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