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For many organizations, delaying a project means delaying future success. Tax credits and economic incentives can help fund the next step forward in any mission-driven organization’s growth and evolution. Considering the lifeline that these programs can represent, let’s take a few moments to understand what incentives are and how to tap into the potential for your company.
Specifically, let’s examine how specific types of programs can impact your plans to purchase property, enter along-term lease, or make capital improvements to new or existing facilities.
On the most basic level, incentives incentivize the creation or retention of business operations. The federal, state, or local government agency benefits by achieving policy objectives. You benefit from receiving support, either monetary or in-kind, for investments that you probably already had planned to make in your organization but, perhaps, were waiting to start.
Earlier this year, Reuters described a transitional period of global adjustment “to an economic order where money is not cheap.” The US economy demonstrated respectable resilience in 2023. However, even a benign economic slowdown can be enough of a deterrent to keep organizations from investing in new facilities.
A kinder Fed is no guarantee that future policy will deliver pre-2022 interest rates.
Capital projects are that much more difficult to transition into a reality in a challenging economic environment like the one we’re currently experiencing. It makes good sense to consider all your funding options.Tax credits and economic development incentives can be the deciding factor to move forward with a project. Pair incentives with low-cost project funding sources, such as community development loans, city capital funding, and, if applicable, tax-exempt bonds. You may have the right combination of solutions to move forward with your project—sooner than you thought possible.
Existing incentives programs routinely change eligibility requirements, and new programs are offered all the time. Therefore, it’s important to remember that you have expert resources to bring to the table.It takes an experienced team, well versed in economic incentives, grants, and tax credits, at both local and national levels, to keep up with constantly evolving opportunities.
Organizations like the Council of Development Finance Agencies and the Nonprofit Resource Hub can help educate you and your client on available resources.You also want to rely on your financial advisor or economic development consultant for truly independent advice on financing options.
1. Many New York-based organizations rely on a mix of good financing options. Economic incentives are only one part of the equation.
2. Government-sponsored, economic development assistance can be instrumental in making your project feasible.
3. Economic incentives are also key to maximizing the performance of real estate portfolios.
Consider the following answers to questions about economic incentives and tax credit programs, where to start, and how to navigate a constantly changing landscape of potential opportunities.
Q: Only specific sectors or industries qualify for tax incentives, right?
A: A program does exist, likely more than one, to meet your organization’s specific needs and growth requirements. Millions of dollars are available in the form of tax reductions, abatements, credits, and deductions, as well as grants and refunds. These resources often go untapped, because business and property owners don’t believe that their project is eligible. To identify relevant opportunities, enlist the help of a team of economic development experts with a track record of securing federal, state, and local municipality economic incentives.
Q: At what point in a project would you apply for a program?
A: The application process begins with compiling information about a building owner, developer, or occupant’s operations. The most direct route to becoming eligible for an economic program is to invest upfront in clarifying requirements. Preparatory work is about positioning an organization early and consistently, so start the process before construction contracts are signed and before land or property is leased or purchased—ideally, with site selection. A strategic broker helps their client by identifying locations that optimize available tax credits and incentives.
Q: Are nonprofits eligible for economic incentives programs?
A: Nonprofits and other tax-exempt entities are eligible to receive assistance through several incentives and grant programs. A high-profile green energy example is the Investment Tax Credit (ITC), which was significantly expanded by the Inflation Reduction Act (IRA) of 2022. Nonprofits benefit from the ITC in three ways: direct pay reimbursement, inclusion of battery storage only resilient power projects, and numerous additional “bonus credits” for serving low-income and underserved communities. The NYCEEC, MUSERDA, C-PACE, and Green Bank represent additional ways to finance energy upgrades to a nonprofit’s facility. For non-energy related project assistance, nonprofits can look to City Capital Funding, Tax Credits Equity, and various NYSCA and ESD grants for cultural and arts projects.
Q: What if you don’t have the staff available to apply for programs?
A: Again, working with a team of experts, as soon as possible, helps make the complicated process of determining program eligibility and applying manageable. Look for knowledge-based benchmarking and a collaborative spirit in your consultants. Specifically, you want a partner for the entire process, one who can assume both strategic and administrative responsibilities.
Q: What kind of experience should you look for in an incentives consultant?
A: A deep benchmark in economic development means having worked directly with local officials and government agencies to negotiate tax credits and incentives, specifically, on behalf of real estate owners, investors, and occupants. Similarly, experience should include the full range of capital improvement projects, from relocating, acquiring, leasing, expanding, and consolidating to implementing sustainability and energy-saving initiatives.
Q: What’s the difference between Research & Development (R&D) Credits and NegotiatedEconomic Incentives?
A: R&D credits can be linked to a wide range of innovation and transformation processes. Obvious candidates include manufacturers and technology firms, but companies outside of these industries routinely benefit from these programs. (If your company engages in internal process/product improvements, you are likely eligible for R&D credits!) In contrast,Negotiated Economic Incentives are location-based and typically triggered by jobs creation, new construction, renovations, energy-related initiatives, and other activities in real estate and construction.
Q: How can a building owner or developer take advantage of renewable energy incentives?
A: Energy incentives are available for multiple technologies, including solar, wind, fuel cells, biogas, waste energy recovery, EV charging, and energy storage. Tax credits and incentives can pay for 60% of the cost of renewable energy technologies. A company is investing in a cleaner world and better tomorrow, but they are also investing in their property, brand, and bottom line. Minimal (often zero) outlay costs are needed to get started. The Inflation Reduction Act (IRA) and other nationwide energy incentives programs support investments in eco-friendly transportation and solar energy technologies. Attractive financing programs and free installation of EV charging stations and solar panels make the investments possible.
Q: What other opportunities are available through government programs?
A: Another reason to start the conversation about incentives is that the discovery process often yields key information leading to additional tax credit eligibility. Learning about a company’s operations tells us whether WorkOpportunity Tax Credits, Deprecation 179D, Disaster Relief Credits, and many other programs are a good fit.
Please reach out to me directly, if you’d like to learn more about applying for local, state, and federal programs, including how to fund your capital project with renewable energy and R&D credits. The ThinkForward team, in collaboration with a robust network of specialty consultants, can help bring together the necessary experts for real estate purchases, expansions, relocation, and capital improvements.
For many organizations, delaying a project means delaying future success. Tax credits and economic incentives can help fund the next step forward in any mission-driven organization’s growth and evolution. Considering the lifeline that these programs can represent, let’s take a few moments to understand what incentives are and how to tap into the potential for your company.
Specifically, let’s examine how specific types of programs can impact your plans to purchase property, enter along-term lease, or make capital improvements to new or existing facilities.
On the most basic level, incentives incentivize the creation or retention of business operations. The federal, state, or local government agency benefits by achieving policy objectives. You benefit from receiving support, either monetary or in-kind, for investments that you probably already had planned to make in your organization but, perhaps, were waiting to start.
Earlier this year, Reuters described a transitional period of global adjustment “to an economic order where money is not cheap.” The US economy demonstrated respectable resilience in 2023. However, even a benign economic slowdown can be enough of a deterrent to keep organizations from investing in new facilities.
A kinder Fed is no guarantee that future policy will deliver pre-2022 interest rates.
Capital projects are that much more difficult to transition into a reality in a challenging economic environment like the one we’re currently experiencing. It makes good sense to consider all your funding options.Tax credits and economic development incentives can be the deciding factor to move forward with a project. Pair incentives with low-cost project funding sources, such as community development loans, city capital funding, and, if applicable, tax-exempt bonds. You may have the right combination of solutions to move forward with your project—sooner than you thought possible.
Existing incentives programs routinely change eligibility requirements, and new programs are offered all the time. Therefore, it’s important to remember that you have expert resources to bring to the table.It takes an experienced team, well versed in economic incentives, grants, and tax credits, at both local and national levels, to keep up with constantly evolving opportunities.
Organizations like the Council of Development Finance Agencies and the Nonprofit Resource Hub can help educate you and your client on available resources.You also want to rely on your financial advisor or economic development consultant for truly independent advice on financing options.
1. Many New York-based organizations rely on a mix of good financing options. Economic incentives are only one part of the equation.
2. Government-sponsored, economic development assistance can be instrumental in making your project feasible.
3. Economic incentives are also key to maximizing the performance of real estate portfolios.
Consider the following answers to questions about economic incentives and tax credit programs, where to start, and how to navigate a constantly changing landscape of potential opportunities.
Q: Only specific sectors or industries qualify for tax incentives, right?
A: A program does exist, likely more than one, to meet your organization’s specific needs and growth requirements. Millions of dollars are available in the form of tax reductions, abatements, credits, and deductions, as well as grants and refunds. These resources often go untapped, because business and property owners don’t believe that their project is eligible. To identify relevant opportunities, enlist the help of a team of economic development experts with a track record of securing federal, state, and local municipality economic incentives.
Q: At what point in a project would you apply for a program?
A: The application process begins with compiling information about a building owner, developer, or occupant’s operations. The most direct route to becoming eligible for an economic program is to invest upfront in clarifying requirements. Preparatory work is about positioning an organization early and consistently, so start the process before construction contracts are signed and before land or property is leased or purchased—ideally, with site selection. A strategic broker helps their client by identifying locations that optimize available tax credits and incentives.
Q: Are nonprofits eligible for economic incentives programs?
A: Nonprofits and other tax-exempt entities are eligible to receive assistance through several incentives and grant programs. A high-profile green energy example is the Investment Tax Credit (ITC), which was significantly expanded by the Inflation Reduction Act (IRA) of 2022. Nonprofits benefit from the ITC in three ways: direct pay reimbursement, inclusion of battery storage only resilient power projects, and numerous additional “bonus credits” for serving low-income and underserved communities. The NYCEEC, MUSERDA, C-PACE, and Green Bank represent additional ways to finance energy upgrades to a nonprofit’s facility. For non-energy related project assistance, nonprofits can look to City Capital Funding, Tax Credits Equity, and various NYSCA and ESD grants for cultural and arts projects.
Q: What if you don’t have the staff available to apply for programs?
A: Again, working with a team of experts, as soon as possible, helps make the complicated process of determining program eligibility and applying manageable. Look for knowledge-based benchmarking and a collaborative spirit in your consultants. Specifically, you want a partner for the entire process, one who can assume both strategic and administrative responsibilities.
Q: What kind of experience should you look for in an incentives consultant?
A: A deep benchmark in economic development means having worked directly with local officials and government agencies to negotiate tax credits and incentives, specifically, on behalf of real estate owners, investors, and occupants. Similarly, experience should include the full range of capital improvement projects, from relocating, acquiring, leasing, expanding, and consolidating to implementing sustainability and energy-saving initiatives.
Q: What’s the difference between Research & Development (R&D) Credits and NegotiatedEconomic Incentives?
A: R&D credits can be linked to a wide range of innovation and transformation processes. Obvious candidates include manufacturers and technology firms, but companies outside of these industries routinely benefit from these programs. (If your company engages in internal process/product improvements, you are likely eligible for R&D credits!) In contrast,Negotiated Economic Incentives are location-based and typically triggered by jobs creation, new construction, renovations, energy-related initiatives, and other activities in real estate and construction.
Q: How can a building owner or developer take advantage of renewable energy incentives?
A: Energy incentives are available for multiple technologies, including solar, wind, fuel cells, biogas, waste energy recovery, EV charging, and energy storage. Tax credits and incentives can pay for 60% of the cost of renewable energy technologies. A company is investing in a cleaner world and better tomorrow, but they are also investing in their property, brand, and bottom line. Minimal (often zero) outlay costs are needed to get started. The Inflation Reduction Act (IRA) and other nationwide energy incentives programs support investments in eco-friendly transportation and solar energy technologies. Attractive financing programs and free installation of EV charging stations and solar panels make the investments possible.
Q: What other opportunities are available through government programs?
A: Another reason to start the conversation about incentives is that the discovery process often yields key information leading to additional tax credit eligibility. Learning about a company’s operations tells us whether WorkOpportunity Tax Credits, Deprecation 179D, Disaster Relief Credits, and many other programs are a good fit.
Please reach out to me directly, if you’d like to learn more about applying for local, state, and federal programs, including how to fund your capital project with renewable energy and R&D credits. The ThinkForward team, in collaboration with a robust network of specialty consultants, can help bring together the necessary experts for real estate purchases, expansions, relocation, and capital improvements.
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