Manufacturing Company Receives over $2.5 Million in Incentives
A health care equipment manufacturer sought to expand its current location by constructing new facilities over a three-year period, with a total investment of over $11 million. In addition, the company planned to create several new jobs to accommodate its sales growth. The manufacturer wanted a solid return on investment (ROI) on the project.
CBIZ’s Tax Incentives Group developed a detailed spreadsheet of all investment expenditures, new job wages and benefits and the timeline to accomplish this project. The information was presented to the state economic development agency to maximize the amount of sales tax exemptions, income tax credits and job creation incentives. CBIZ completed all the necessary follow-up paperwork to finalize the benefits.
The company was approved for $2.5 million in tax incentives—the maximum amount of direct financial benefits, which provided the manufacturer with its sought after ROI. In addition, CBIZ continued to work with company staff to ensure that all requirements needed to maintain the benefits were accomplished according to a defined, multi-year schedule.
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