- High Wage Jobs Tax Credit – This credit is refundable, if the credit exceeds the liability the company receives the excess cash. An eligible taxpayer may receive a credit for each new high-wage economic base job equal to 8.5% of the wages and benefits paid for each new job. The credit is capped at $12,750 per year, per job.
- Rural Jobs Tax Credit – Direct savings against typical monthly expenses. The maximum tax credit amount with respect to each qualifying job is equal to: Tier 1: $1,000 per year for four years. Tier 2: $1,000 per year for two years. A qualifying job is a job filled by an eligible employee for 48 weeks in a 12-month qualifying period. The credit may be carried forward for up to 3 years.
- Manufacturers Investment Tax Credit – Direct savings against typical monthly expenses, additionally this tax credit can still be applied to IRB funded projects. Manufacturers may take a credit against gross receipts, compensating or withholding taxes equal to 5.125% of the value of qualified equipment when the following conditions are met: For every $750,000 of equipment, one employee must be added up to $30 million. For amounts exceeding $30 million, one employee must be added for each $1 million of equipment. The manufacturer reduces its tax payment to the state until the amount of the Investment Credit is exhausted. There are provisions for issuing a refund when the credit balance falls under $500,000. The credit also applies against the compensating tax and/or local gross receipts tax.
- Industrial Revenue Bonds have immediate savings on equipment purchases of the project and long term savings on Real Estate and Personal Property ad valorem taxes. IRBs are a tool to encourage business expansions and relocations, job growth and capital investment providing for long-term Property Tax Abatement (OpEx) and Compensating Tax/GRT exemption on equipment purchased. IRBs can be used for land, buildings, furniture, fixtures and equipment. Equipment only IRBs can be done.
- JTIP Builds the Workforce – Direct cash reimbursement to the company at the conclusion of 360 to 1,040 hours of training. Funds classroom and on-the-job training for newly-created jobs in expanding or relocating manufacturing, non-retail service businesses that export a substantial percentage of services (50% or more) or certain green industries. JTIP reimburses 50 to 75% of full-time employee wages during training. Trainees must be guaranteed full-time employment. Intern positions are eligible.
- Local Economic Development Act (LEDA) Fund offers cash reimbursement for costs associated with land building and infrastructure. LEDA helps build the business infrastructure in support of a job-creating expansion. A direct cash reimbursement to off-set expenditures tied to land, building and infrastructure. The level of capital investment as well as the quality and quantity of jobs to be created influence the amount of LEDA awarded.
