A tax credit is a benefit that federal and state governments allow to taxpayers to offset the taxpayer’s tax liability on a “dollar-for-dollar” basis. A tax credit is better than a tax deduction, which only lowers the amount of taxable income. Therefore, a business should be looking to take advantage of all credits available to it in order to increase its profitability. Federal and State governments have been offering tax credits and incentives as a method to encourage businesses to locate in specific areas, to hire disadvantaged workers, to expand research and development. In order to expand job growth the federal government recently increased its incentives for businesses to invest in clean or green technologies.
RINA’s dedicated tax credit team works with your company to identify and implement tax credit solutions. We also provide credit computations, compliance and audit defense of tax credits and incentives. Some of the tax credit and incentive program that we work with are:
- Enterprise Zones
- Historic Rehabilitation
- Renewable Energy
- Research and Development
- Targeted Tax Areas
- Energy Efficient Commercial Building Tax Deduction