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JOB TRAINING GRANTS FOR EMPLOYERS

Federal & State empowerment zone TAX CREDITS:

for Employers Investing In Local Hiring

Designed to stimulate economic development and job creation in designated Empowerment Zones across the United States, this tax credit offers valuable benefits to employers investing in these designated hiring areas.

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JOB TRAINING GRANTS FOR EMPLOYERS

Hiring Incentives & TAX CREDITS

for Employers Expanding Their Workforce

Utilize state & federal hiring incentives to invest in scaling your workforce.

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Employers Expanding Their Workforce Can Take Advantage of Federal Empowerment Zone Tax Credits

Both federal and state governments offer incentives like the Empowerment Zone Credit to bolster economic development, tackle unemployment, and bolster workforce skills. Programs such as the Empowerment Zone Credit aim to incentivize businesses to invest in designated Empowerment Zones, fostering job creation and economic revitalization in underserved communities. By providing tax credits to employers who hire and invest in these zones, governments aim to spur job growth, empower local businesses, and uplift disadvantaged communities. These initiatives play a critical role in fostering inclusive economic growth, reducing income disparities, and providing opportunities for marginalized populations to participate meaningfully in the workforce.

How are Empowerment Zones designated?

In Empowerment Zones (EZs), employers can benefit from special tax incentives. These zones are designated urban and rural areas identified by the Departments of Housing and Urban Development (HUD) and Agriculture (USDA) as economically distressed. Typically, these areas have populations under 200,000.

Designated Zones

Urban areas:
Parts of urban areas may be classified as empowerment zones. You can check if your business or employee's residence falls within an urban empowerment zone on HUD.gov.

Rural areas:
Similarly, parts of rural areas may also be classified as empowerment zones. You can find out if your business or employee's residence is located within a rural empowerment zone on HUD.gov.

Qualified Empowerment Zone Employees
To qualify as a "qualified zone employee," the employee must both:

Perform most of their services for the employer within an empowerment zone.
Have their principal residence within the same empowerment zone while performing these services.
Both full-time and part-time employees may qualify.

How much is the empowerment zone hiring incentive worth?

Qualifying businesses can receive up to $3,000 per year per eligible employee as a wage credit. To qualify, employers must pay "qualified zone wages" to a "qualified zone employee" as defined in IRC § 1396(c)(1). The credit equals 20% of these wages, including training and education costs, capped at $15,000 per employee per year under IRC § 1396(c)(2). This means each eligible employee can potentially receive a $3,000 credit annually.

Both full-time and part-time employees who work at least 90 days during the year are eligible for the credit, amounting to 20% of the initial $15,000 in wages paid.

The credit is renewable every year and has no limit on the number of eligible employees, as long as they live in the EZ. Both new hires and current employees are eligible.

Additionally, qualifying EZ businesses may access low-cost loans, enhanced tax deductions, and partial tax exclusions on capital gains. Note that the employment credit reduces deductions for salaries, wages, education, and training expenses on the income tax return.

EmpoWERMENT ZONE CASE STUDY:

Restaurant with 12 Empowerment Hires

ABC Restaurant, located in New York City, operates within an Empowerment Zone, an area designated by the government to stimulate economic growth and create job opportunities. As part of its commitment to community development, ABC Restaurant actively participates in hiring from within the Empowerment Zone, thereby qualifying for valuable hiring credits.

Given that ABC Restaurant has hired 12 employees from the Empowerment Zone, the calculation is as follows:

Total Hiring Credit = Number of Employees Hired × Maximum Credit per Employee
Total Hiring Credit = 12 employees × $3,000

Total Hiring Credit = $36,000

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Empowerment Zone Credits

With Empowerment Zone Hiring Credits and other incentives offered by the government, companies have a unique opportunity to not only drive growth but also offset escalating hiring and training expenses.

At Growthlogics, our team of seasoned consultants specializes in navigating the complexities of Empowerment Zone Hiring Credits and other tax credit programs, ensuring that your company maximizes its potential benefits. Leveraging our integrated technology and expert guidance, you can trust that no opportunity for tax savings goes unnoticed.

Don't allow valuable tax credits to slip through the cracks. Take proactive steps today to unlock a brighter future for your business with Growthlogics by your side.

Led by Tax Attorneys, CPAs & Credit Experts

Our leadership has over 150 years of combined tax experience. With $3 billion in incentives captured, you are in good hands with GrowthLogics.

Quality Guaranteed

Growthlogics provides clients with a comprehensive credit packet, detailing your business's eligibility, qualifications, and calculated credits.

Maximum Credit Yield

When you work with Growthlogics, all tax credit and incentive opportunities are explored with a comprehensive business analysis, uncovering full eligibility potential.