Bulletin: TCI – Geographic Information Systems (GIS) and Tax Credits
Geographic Information Systems (GIS) & Tax Credits
If your company is searching for tax credits, a very important piece of the puzzle is accurate GIS (or location) data. Using the science of mapping, GIS enhances a company’s tax credits by identifying a company’s tax-favored zone location. GIS technology can help make location determinations to increase tax credits and decrease time spent trying to decipher map boundaries.
The federal government and many states offer tax incentives for businesses located within special boundaries or zones. The intent of these programs is to assist in the recovery or improvement of impoverished areas. Incentives generally include income tax credits for hiring and investing, property tax abatements, and training incentives.
Many incentives require not only that a business be located in a particular zone, but that the employees residences be located in that zone as well. This requires a GIS system that can handle the competent identification of a bulk number of addresses.
Popular programs for which GIS participation would be useful are:
- Federal Empowerment Zone Credit
- Colorado Enterprise Zone Program
- Georgia Opportunity Zone Tax Credit
Equifax Workforce Solutions’ GIS Team can help pin-point business locations and employee residences by using multiple geocoding tools and services. We work directly with state and local governments to provide zone data in a timely manner. Equifax combines GIS results with its incentive/opportunity analysis process to alert clients to potentially available incentives.
Please contact us if you are interested in receiving more information on zone credits, exemptions, refunds, or other incentives.
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