Negotiated Credits & Incentives
As your business looks to expand, you may be able to significantly reduce your expansion costs with credits and incentives offered by state and local agencies to spur growth in their area.
But finding eligible incentives is time-consuming and the process of applying for them and negotiating with government entities is complex. Even if you are successful and receive incentives, they can be at risk if you don’t meet compliance requirements within your incentive agreement. The entire award may be clawed back, leaving your business to make up the difference.
Working with a team of experienced professionals can help you overcome what you may not know about credits and incentives, increase the likelihood of success, and help you maintain compliance. Meanwhile, your team is free to focus on your mission and supporting your business growth.
Obtain Credits & Incentives
It’s important to not let the complexity of the process or the need to start as early as you can stop you from taking advantage of the benefit credits and incentives can bring to your bottom line. Take advantage of our experience to help you navigate government processes and relationships and key steps.
Assess Credits & Incentives Opportunities
State and local credits and incentives may be available to you if you are planning to:
- Create or retain jobs
- Open a new location
- Introduce a new product line
- Participate in a merger or acquisition
- Launch a green initiative
- Undertake a real estate transaction
We can evaluate your project to identify potential credits and incentives, estimate the benefits associated with each program, and help you determine which options will deliver the greatest value to your business.
Coordinate the Application Process
Applying for credits and incentives is resource intensive. It requires you to have a solid plan, the documentation to back it up, and reflect why the project qualifies for the incentive program. It also requires the time to work with the agency as your application moves through the review process.
We can help you develop your plan, prepare your initial application, and shepherd your application through the approval process, including preparing formal presentations and coordinating meetings with economic development agencies.
Negotiate with Agencies
Tax incentives can take a variety of forms, from discretionary grants to fee waivers to tax credits, rebates, and exemptions. Negotiating with economic development agencies can help you receive an incentive that you can use, with terms that match your organization’s needs.
We can negotiate with agencies on your behalf, about the type of incentive and the requirements you must meet to retain the award over the life of your agreement.
Execute the Incentive Agreement
The approval process for the final incentive agreement can be delicate and time-consuming as you nail down the final details that will govern your business for the term of the incentive agreement.
We can coordinate the final approval process—including participating in public meetings and hearings, and as appropriate, coordinating your legal counsel review of the agreements. We also deliver a closing binder, including offer letters, applications, executed incentive agreements, and summary of compliance requirements.
Maintain Compliance
Typically, you’ll need to submit an annual compliance report that shows you meet the performance and other parameters called out in your agreement. Failing to comply with all the requirements in your incentive agreement can result in failing to receive the incentive, or in some cases, risk the government clawing back part or all of the award.
In most cases, it makes sense to consistently monitor performance against these parameters throughout the year. Otherwise, you run the risk of being out of compliance, and only notice when you do the annual review.
We can help you stay in compliance by monitoring your key performance parameters, addressing noncompliance before it becomes an issue, preparing your report and backup documentation, updating the government, and preparing for an audit, if one becomes necessary.
Assess Credits & Incentives Opportunities
State and local credits and incentives may be available to you if you are planning to:
- Create or retain jobs
- Open a new location
- Introduce a new product line
- Participate in a merger or acquisition
- Launch a green initiative
- Undertake a real estate transaction
We can evaluate your project to identify potential credits and incentives, estimate the benefits associated with each program, and help you determine which options will deliver the greatest value to your business.
Coordinate the Application Process
Applying for credits and incentives is resource intensive. It requires you to have a solid plan, the documentation to back it up, and reflect why the project qualifies for the incentive program. It also requires the time to work with the agency as your application moves through the review process.
We can help you develop your plan, prepare your initial application, and shepherd your application through the approval process, including preparing formal presentations and coordinating meetings with economic development agencies.
Negotiate with Agencies
Tax incentives can take a variety of forms, from discretionary grants to fee waivers to tax credits, rebates, and exemptions. Negotiating with economic development agencies can help you receive an incentive that you can use, with terms that match your organization’s needs.
We can negotiate with agencies on your behalf, about the type of incentive and the requirements you must meet to retain the award over the life of your agreement.
Execute the Incentive Agreement
The approval process for the final incentive agreement can be delicate and time-consuming as you nail down the final details that will govern your business for the term of the incentive agreement.
We can coordinate the final approval process—including participating in public meetings and hearings, and as appropriate, coordinating your legal counsel review of the agreements. We also deliver a closing binder, including offer letters, applications, executed incentive agreements, and summary of compliance requirements.
Maintain Compliance
Typically, you’ll need to submit an annual compliance report that shows you meet the performance and other parameters called out in your agreement. Failing to comply with all the requirements in your incentive agreement can result in failing to receive the incentive, or in some cases, risk the government clawing back part or all of the award.
In most cases, it makes sense to consistently monitor performance against these parameters throughout the year. Otherwise, you run the risk of being out of compliance, and only notice when you do the annual review.
We can help you stay in compliance by monitoring your key performance parameters, addressing noncompliance before it becomes an issue, preparing your report and backup documentation, updating the government, and preparing for an audit, if one becomes necessary.
Extensive Credits & Incentives Expertise
Deeply immersed in the world of credits and incentives, our professionals have extensive knowledge of client needs, state and local agency expectations, and how to navigate the processes. We have built a proven, scalable process for helping our clients increase their likelihood of success.
Our team collaborates with you, using their deep understanding from years of partnering with our clients and experience working in and with economic development agencies in a wide variety of states and localities.
With our one-firm approach, you can also tap into the full resources of our firm, integrating finance, tax, and audit concerns, along with cybersecurity, strategy, and other key support areas.
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