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Story Archives: Millions in tax credits available
|Millions in tax credits available|
Franklin Parish is one of 14 parishes in northeast Louisiana classified as "renewal communities," which means literally millions of dollars in federal tax incentives are available to businesses here.
At two meetings in Winnsboro last Friday, representatives of the Northeast Louisiana Economic Alliance (NELEA) discussed some of the tax credits – also referred to as "cash tax incentives" – available.
Up to $1,500 per year can be claimed if businesses have employees who live in the renewal community, which includes all of Franklin Parish, according to NELEA president Tana Trichel.
Another employee-related credit, up to $2,400, can be claimed when the employee comes from a group which typically has high unemployment rates.
There are also tax incentives offering zero capital gains, accelerated depreciation for construction and equipment purchases.
According to Don Mains, who oversees the program for NELEA, two of the most important things people can do to access these credits is first to become informed on what is available and second, to take the information to their tax preparer.
The best way to get information about the tax credits is to visit the organization's Website, www.yourtaxclaim.com.
"The most important thing we can give to you is on the Website," Mains said.
Mains also stressed that business owners must make their tax preparers aware of and apply for the credits when filing their taxes.
"We ask you when you leave here to go and see your tax preparer," he said.
One local businessman which has utilized the program is Dr. Chris Sullivan, D.V.M., who is featured in a film promoting the renewal community program.
Sullivan utilized many of the tax credits when he built his veterinary clinic in Winnsboro.
For more information on the renewal community and tax credits, contact NELEA vice president Michelle Boothe at 319-757-3033, ext. 16.