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Tax Preparation Services Washington – Tax Incentives For Business in Washington NC. State governments frequently enlist tax systems to partner with business in economic development initiatives, but incentives do not always work as planned. This information brief is a part of a research on state economic growth strategies conducted by Norton Francis. Senior research associate at Urban-Brookings Tax Policy Center.

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Washington state differs from many others by not imposing an income tax; instead, Washington levies a Business and Occupation (B&O) tax that is calculated based on product sales value or gross proceeds of sale, with companies sometimes qualifying for special credits against this fee.

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Aerospace Non-Manufacturers – Manufacturers of commercial airplanes and component parts may qualify for a Business and Occupations (B&O) tax credit equal to property/leasehold excise taxes paid on specific industry business facilities. These credits can be claimed by filing an excise return and providing proof of five years.

Service and Other Activities – Sales of government postage stamps, stamped envelopes and related services fall under this classification and are taxed based on any selling price exceeding face value of product sold.

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Work Opportunity Tax Credit (WOTC) – Qualified employers may claim this federal tax credit if they hire individuals who belong to one or more of specified targeted groups. They can claim the credit against their payroll or income taxes.

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Companies may take advantage of this tax credit to avoid being subject to double taxation when conducting two taxable activities that produce identical products, such as manufacturing and retail sales, within Seattle or another city that imposes a B&O (also called gross receipts tax) levy. To claim this credit, use the MATC worksheet when filing online via SELF or FileLocal, or filing their returns by hand.

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Work Opportunity Tax Credit is a federal tax credit for business and occupations that employers can use to hire unemployed veterans. To be eligible, employers must hire individuals who are eligible for this award prior to receiving certification from them.

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North Carolina offers sales and use tax exclusions on equipment, machinery, electricity, fuel, gas, raw materials for manufacturing, inventory, as well as raw material purchased using credit/debit card or wire transfer. Property tax exclusions apply for large fulfillment facilities equipment as well as pollution control recycling waste treatment facility equipment. OFM advises missions making purchases that qualify for sales tax authorization to complete a single purchase certificate that contains both their tax exemption number as well as that of both vendors that accept it; we can help missions find vendors accepting these certificates! OFM can assist missions in finding vendors accepting these certificates so their sales tax exemption numbers can remain valid. OFM can assist missions in finding vendors accepting them and connecting missions can assist missions in finding vendors accepting these certificates from us or by us sourcing vendors willing to accept them from OFM's affiliate network of vendors accepting them!

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Minority-Owned Business Indirect Tax Benefits

Black Americans have lower median networths and own less employer firms, despite making up 14.2% of the total population. According to the Small Business Credit Survey, Black-owned businesses had difficulty accessing funding and loans during pandemics of coronavirus. They were also less likely than other businesses to receive Paycheck Protection Program funds.

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minority-owned businesses are uniquely poised to take advantage of indirect tax breaks that provide access to capital they need for expansion. New Markets Tax Credit is one such break. It offers investors a credit against federal income tax for investing in designated Community Development Entities. Claims can be made as early as seven years after initial investments. Government agencies reserve contracts exclusively to 8(a), certified minority-owned companies, which could lead to lucrative opportunities in the future. Contact Parachor to see if you qualify for these indirect tax credit!