Federal, State and Municipal Tax Incentives for Real Estate Projects and the Inflation Reduction Act
Daniel Ryan, partner in Sullivan's Tax Department, and Lynn Tokarczyk, government tax incentives consultant and president of Business Development Strategies, Inc., presented a discussion titled "Federal, State and Municipal Tax Incentives for Real Estate Projects and the Inflation Reduction Act," on November 17, 2022 at Sullivan & Worcester's Boston office.
Companies that have real estate expansion plans may benefit from a variety of state and local tax incentives. Additionally, the recently passed Inflation Reduction Act contains several tax incentives that can be used along with these benefits. Whether a company plans to renovate an existing facility, relocate, construct a new facility, create or retain jobs, there are available resources that can help to reduce the cost associated with a real estate investment. With the surge of increased inflation, construction and labor costs, and interest rates, these tax incentives are more important than ever for businesses.
By leveraging tax incentives, companies can save thousands – or even millions – of dollars. However, timing is essential. Otherwise, companies could leave substantial cash on the table.
This presentation discussed how to secure valuable government tax incentives, including:
- Tax incentives in the Inflation Reduction Act
- Other federal incentives
- State Tax Credits
- State Abandoned Building Tax Deductions
- Municipal Tax Increment Financing (TIF)
- Municipal Personal Property Tax Relief
- Municipal Special Tax Assessment (STA)