TAX CREDITS

Economic Revitalization Zone Tax Credits (ERZ Tax Credit) Program: Businesses that create new jobs and make capital improvements may be eligible for a tax credit of up to $200,000 over 5 years.  The actual credit amount is based on capital investment, number of new jobs created, and the salary level of the new jobs. To qualify, a business must be located in an economically distressed area that has been certified by the State as an “Economic Revitalization Zone.” The tax credits available under this program are non-refundable and non-transferable. Credits must first be applied against the Business Profits Tax (BPT) with any remaining credit applied against the Business Enterprise Tax (BET).  Unused credits may be carried forward for up to 5 years.

Research and Development Tax Credit:  Businesses engaged in qualified manufacturing research and development may receive a credit equal to 10% of eligible R&D expenditures, or $50,000, whichever is less.  The credit must first be applied against the Business Profits Tax (BPT) with any remaining credit applied against the Business Enterprise Tax (BET).  Unused credits may be carried forward for up to 5 years.

TRAINING PROGRAMS

Job Training Fund:  Reimbursable training grants are available to businesses that commit to paying at least 50% of eligible training costs. The maximum training grant available to a business under this discretionary program is $100,000.

SPECIAL ZONING

Coos County Job Creation Tax Credit:  Businesses that locate or expand in Coos County may claim a tax credit of $750 per job, per year, for up to 5 years for newly created jobs with an hourly wage of at least 150% of the state minimum hourly wage.  A larger credit of $1,000 per job, per year, for up to 5 years is available for newly created jobs with an hourly wage of at least 200% of the state minimum hourly wage.  Credits must first be applied against Business Profits Tax (BPT) with any remaining credit applied against the Business Enterprise Tax (BET).  Unused credits may be carried forward for up to 5 years.

 

Last updated: April 2016

 


 
BIGGINS LACY SHAPIRO & COMPANY
PRINCETON
47 Hulfish Street, Suite 320
Princeton, NJ 08542
(609) 924-9775
NEW YORK
215 Park Ave South
New York, NY 10003
(646) 652-7555
CHICAGO
30 S. Wacker, Suite 2200
Chicago, IL 60606
(312) 924-2490