Fierce competition among states to attract and retain businesses can be good news for businesses. Many states and local governments offer tax credits and other incentives to companies in numerous industries to encourage investment and bolster their economies.
The nature of anything tax related is that there are nuances hidden within the rules. Though this may be off-putting to busy business leaders, it is a puzzle we enjoy solving. To that end, we devote time and resources to delving into the wide range of tax credits offered by different states and understanding their application. While many states have similar credits related to workforce, R&D and investment, states also offer credits specific to prevalent industries in their state (i.e., entertainment, manufacturing, technology, agriculture, etc.). Many also have a range of discretionary incentive offerings available to court new businesses.
At Smith and Howard, our immersion in the details of tax credits and incentives prepares us to offer insightful, strategic guidance relevant to your business. Whether you’re looking for ways to capitalize on offerings in-state or are considering relocating to another state, a close look at how credits and incentives may benefit your business will play a key role in your decision. Tapping into these advantages can result in significant current and future tax savings and cash inflows, and our team aims to help you maximize the benefits.
For a high level look at tax credits and incentives in our home state, click “contact an advisor” above and include “Georgia Tax Credits” in the comments. If you have questions or would like a similar overview of your state, please contact an advisor.