TCI Tax Intelligence: State Tax Credits
To keep up with growing demands in the current economic environment, businesses are investing in new jobs and equipment at their current locations. Fortunately, many states encourage this activity by offering state tax credits and incentives to expand at existing facilities. While some states only offer incentives upon proof that there is a viable “out-of-state” alternative to locate the new jobs and investment, many states offer tax credits to companies to expand at their current location without requiring such proof.
The programs below offer state tax credits for new in-state investment and job creation. These programs must be preapproved, but do not require proof of a competing state option:
Oklahoma Quality Jobs: Businesses expanding the Oklahoma workforce receive quarterly cash rebates of up to five percent (5%) of new Oklahoma wages. This incentive targets manufacturers, headquarters, and certain service industries. Qualifying companies who plan on increasing payroll by $2.5 million or more are encouraged to participate.
Maryland Incentive Programs: Maryland offers income tax credit programs for expanding companies. These income tax credits offer incentives for new jobs and investment. Applications for these programs must be filed prior to the start of the project.
- Maryland Enterprise Zone program
- Maryland Job Creation tax credit
- One Maryland tax credit
Louisiana Enterprise Zone program: Louisiana offers income tax and sales tax incentives for businesses expanding in the state. An Advanced Notification must be filed before hiring and project start.
Equifax Workforce Solutions has a dedicated team of Economic Development Incentives Services (EDIS) professionals who understand the requirements of all state tax credit programs. If your company is interested in receiving more information on these programs, or any other credits, please contact your Account Manager (AM) or Pete Krieshok of Equifax Workforce Solutions at 314-214-7325 or by email at email@example.com.
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