Businesses that were disrupted by one of the hurricanes with a principal address in the designated disaster zone are eligible to receive up to a $2,400 tax credit for each employee retained after the hurricane (Harvey, August 23; Irma, September 4; Maria, September 16).
The credit is equal to 40% of the first $6,000 in wages paid to the employee after the hurricane, ending on the date the business has resumed significant operations but no later than January 1, 2018. The credit has a 3-year carryback and 20-year carry forward. The credit can be applied immediately against any estimated tax payments as well as monetized in certain circumstances.
Credit can apply to:
Employees working at an affected site prior to the hurricane
All levels and types of employees
Employees who were and weren't receiving a paycheck during the disruption period
Employees that were moved to alternative locations after the hurricane
Federal Hiring Credits
Federal Enterprise Zone - Up to $3,000 annually per qualified employee.
Individual Employment Credit - Up to $4,000 annually per qualified employee.
State Tax & Incentive Credits
BCN Management can assist its clients with determining whether they qualify for these lucrative incentives. Business Tax Incentive Zones have been created and offered to businesses by state and local government institutions to entice development or expansion into specific geographic areas in the U.S. There are thousands of these zones that are individually managed and funded. Identifying these zones, determining eligibility, and applying for these credits can be time consuming and overwhelming. Allow BCN Management to save you time, money, and maximize your tax credit.
These are available to businesses that are hiring and making capital investments. Benefits can include tax credits, cash grants, infrastructure assistance, utility discounts, sales tax exemptions, and property tax rebates.