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State Tax Credits & Tax Incentives
Economically distressed areas were targeted for special State tax credits and tax incentives:
Corporations can earn sales tax credits on purchases of $20 million per year of qualified machinery and machinery parts
Enterprise Zone companies can earn preference points on state contracts
Hiring Credits - Firms can earn $37,440 or more in state tax credits for each qualified employee hired
Unused tax credits can be applied to future tax years, stretching out the benefit of the initial investment
Up to 100% Net Operating Loss (NOL) carry-forward. NOL may be carried forward 15 years (suspended for tax years 2002 and 2003)
Up-front expensing of certain depreciable property. Lenders to Zone businesses may receive a net interest deduction
Obtaining Tax Credits
There are several ways in which employers can obtain state hiring tax credits, including hiring veterans, unemployed, disabled, or residents of certain designated low-income areas. These low-income areas are designated as Targeted Employment Areas which allows hiring of residents from these areas to qualify Enterprise Zone employers for substantial hiring credits through a "vouchering" system.