Incentives Alerts

Maryland recently passed legislation that creates a state income tax credit match for the federal Work Opportunity Tax Credit (WOTC). WOTC is a federal tax credit program which incentivizes employers to hire individuals with barriers to employment. Maryland has created a nonrefundable state income tax credit which provides a credit of 50% of the federal WOTC based on eligible employees working in Maryland.

As we begin the filing season for tax years beginning on January 1, 2020, Georgia has recently made a positive change for companies negatively affected by COVID-19.

Georgia House Bill 846 allows businesses who calculate the Georgia Job Tax Credit to use 2019 headcount for their 2020 and 2021 credit reports. The bill also allows certain telecommuting employees to qualify for the credit for tax years 2020 and 2021.

The President signed the COVID-Related Tax Relief Act of 2020 (COVIDTRA) and government funding bill into law today. Many of the provisions of COVIDTRA will benefit Silverlode clients, including the following extensions and expansions:

The Federal Indian Employment tax credit is a lucrative and often overlooked business tax credit. The credit equals 20% of an employee’s wages and companies can claim a federal tax credit of up $4,000 per employee.

Many companies who qualify for this credit do not capitalize upon this opportunity because of paperwork and employment screening. Silverlode has a unique and efficient process of identifying locations and employees who qualify for this credit and making the process simple for you.

The deadline for filing 2019 federal taxes is fast approaching. Businesses that have qualified locations and employees may take advantage of the following federal tax credit programs: