With states across the country awarding incentives to companies on an almost daily basis for a variety of different projects, incentives have become a hot topic. But how many of these companies are actually realizing the benefits of the incentives they were awarded? The incentives compliance process can be burdensome, with so many different filing deadlines and reporting requirements for different states and different programs, it is easy for companies to miss a reporting deadline and potentially lose the incentives benefit for that year.
Although there may be incentives reporting requirements at any point during the year, noted below are several key incentive programs that generate reporting deadlines during Q1. (Note: If a compliance filing deadline falls on the weekend or a holiday, it is good practice to submit compliance documents on the last preceding business day, unless otherwise noted by the state). State incentive programs with upcoming Q1 compliance deadlines:
Indiana Economic Development for a Growing Economy (EDGE)
Annual Performance Report – Due by February 15th
Illinois Economic Development for a Growing Economy (EDGE) Tax Credit
Subsequent Issuance – Due by February 14th for companies with a calendar year-end
Note: Fiscal year-end filers typically have 45 days from company’s fiscal year-end, unless otherwise negotiated by the company
Initial Issuance – Due by March 30th for companies with a calendar year-end
Note: Fiscal year-end filers typically have 90 days from company’s fiscal year-end, unless otherwise negotiated by the company
Illinois Enterprise Zone
Annual Job Report – Due by March 1st
Annual Progress Report – Due by March 30th
Colorado Job Growth Incentive Tax Credit (JGITC)
Annual Employment Report – Due by March 1st
Ohio Job Creation Tax Credit (JCTC)
Annual Progress Report – Due by March 1st
True Partners Consulting’s team of knowledgeable professionals in our Credits and Incentives Practice can assist your business with all aspects of incentives compliance and negotiations. If you have any questions or need help in maximizing your incentives potential, please contact Minah Hall at Minah.Hall@TPCtax.com or Natalie Matwijiszyn at Natalie.Matwijiszyn@TPCtax.com.
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