Utilizing state and local incentives shouldn’t be viewed as a daunting task. Sure, there is some paperwork to complete and specific timing involved with most programs, but the work does not outweigh the reward; your bottom line! 

State and local incentives can be captured in various ways; from tax credits to cash awards. Some are given at the start of a project while others are awarded over time when certain job targets and capital investment milestones are achieved. If you are relocating or expanding your business operations, and have received an incentive package, consider utilizing an outside firm to manage compliance. 

A growing business has many tasks ahead and your full focus and attention is given to construction timelines, becoming operational, hiring the right staff, purchasing equipment, permitting, and more. While you are focusing on all of these important responsibilities, it is easy to miss a looming application or reporting deadline. And what about the documents that need to be filed prior to creating jobs or committing to the initial capital investment? An existing staff can be given additional duties to manage the incentives, but do you really want your Human Resource Manager or Training Coordinator focusing on incentive compliance and regulations? As CEO, is your time best utilized completing paperwork? If you chose to hire a dedicated staff person, how much of their time will be split between compliance and other duties as assigned? The average term of an incentive program can be 3 years or more, so what happens when the assigned staff moves on to another job or assignment? Who will keep up with the project, and more importantly, who understands the programs well enough to pick up where they left off? Missing critical deadlines can cause delays in payments, trigger a default or repayment event, and keep your company from future use of programs.

Let COMPASS Plus LLC be your one stop, single point of contact for managing your incentive package from start to finish. We will ensure critical filing deadlines are met, and help your company stay in compliance so you can fully utilize your incentive package. In addition, as you grow and business needs change, we will continue to seek additional resources. 

If you have received a state or local incentive package, consider hiring an outside firm to manage your incentive package so you can stay focused on growth and success.