Job Tax Credit: Businesses that create at least 25 net new jobs within a 3-year period and make a capital investment of at least $500,000 qualify for a one-time corporate income tax credit of $4,500 per job. The tax credit can be used to offset up to 50% of franchise and excise (F&E) tax liability in any given year. Job Tax Credits are non-refundable and non-transferable, however businesses with inadequate tax liability may carry forward unused credits for up to 15 years. Companies that qualify for the Job Tax Credit and are located in Tier 2 or Tier 3 Enhancement Counties, may receive an additional incentive called the Enhanced Job Tax Credit. The enhanced credit is equal to $4,500 per job, per year for 3 years for projects located in Tier 2 counties and $4,500 per job, per year for 5 years if a business is located in a Tier 3 county. Enhanced credits may be used to offset up to 100% of tax liability in a given tax year, however unused credits cannot be carried forward.
Industrial Machinery Tax Credit: Credit of 1% to 10% for the purchase, third party installation and repair of qualified industrial machinery. In addition to industrial equipment, the corporate income tax credit is also available for businesses that purchase equipment for warehouse and distribution facilities, corporate headquarters operations and call centers.
FastTrack Infrastructure Program: Provides discretionary grants to local communities for public infrastructure improvements that will benefit at least one company that has committed to creating net new full-time jobs and making a capital investment in a business facility.
FastTrack Economic Development Fund: Discretionary grants may be provided to local government agencies to reimburse a business for project-related expenditures that are not covered by grants offered by the FastTrack Infrastructure and FastTrack Job Training programs. To qualify, a business must create net new full-time jobs and make a capital investment.
FastTrack Job Training Assistance Program: Reimbursable grants that cover up to 50% of new employee training costs are available for businesses that create net new full-time jobs. The amount of funds awarded under this discretionary program will be based on the level of new job creation, amount of capital investment, and new employee wages.
Sales Tax Exemptions: Available on industrial machinery, energy, fuel and water used at a manufacturing facility. In addition, businesses that meet certain capital investment and job creation requirements are entitled to a sales tax exemption on equipment purchased for use at a corporate headquarters, call center, data center, and warehouse and distribution facility.
Last reviewed: April 2016