Economic Development Incentives and Tax Credits
Companies today are challenged more than ever to improve efficiency and reduce costs to be competitive. The marketplace, workforce issues, and other economic dynamics influence how and where to operate a business or pursue an expansion project. It can be difficult to manage the complexities involved in deciding the future site of a business unit. The decision requires planning and the deployment of sound strategies that will enable an organization to deal successfully with future operation expansions.
All fifty U.S. states rely on incentive programs to entice businesses in some form or fashion. The administration of incentive programs vary by state but typically incentives can be categorized as capital grants, training grants, tax credits, tax abatements, low interest loans, or cash refunds. Frequently, incentive agreements result in a “win-win” situation for both the company and the governmental jurisdictions involved. Incentives often have a significant impact on a company’s bottom-line when they are realizable and recognizable.
GBQ’s Location and Incentive Consulting Practice provides a full range of services to assist companies with establishing, relocating or expanding operations, including:
- Research and analysis of various economic impact factors
- Comparative research of tax structures and labor indicators
- Prepare location cost modeling and weighing factor
Business Incentive Negotiation & Implementation
- Research and analysis of public grants, loans, tax credits
- Comparative analysis of incentives for multiple states
- Incentives negotiation, deal packaging, compliance
- Maximize incentive packages; “work-out” plans
- Identify and secure refundable or transferable credits
- Find opportunities to turn credits into cash
- Utilize unused, misused or missed credits
- Assist clients to easily track required information
- Prepare incentive compliance reports to ensure that all benefits are realized and that no money is left on the table
- Ensure ongoing compliance with incentive agreements
Each of these services is implemented and delivered by a team of professionals with extensive state and local relationships, industry knowledge, and market experience. GBQ professionals can provide high-impact strategies designed to help companies (e.g. expansions, consolidations, and relocations) mitigate their start-up and operational costs on both a tax and non-tax basis. We have experience in all industries and across all facility types (manufacturing plants, headquarters, call centers. R&D centers, distribution and others). Our goals are to reduce risk and make the location and expansion process easier and more cost effective.