Corporate executives are becoming increasingly aware of the powerful lure that incentives have on business expansions and relocations.
Hardly a day goes by when the major financial papers are not discussing the fierce competition between states to attract business.
Headlines "wowed" the business world with the billions of dollars that were offered to attract companies such as Mercedes Benz and BMW. Many prudent corporate executives, seeing such opportunities, have made it their business to consider incentive packages as an integral part of the site selection and expansion process.
What some executives fail to understand is that they can go back in time and recapture incentive opportunities from previous facility expansions. Plain and simple, expansion incentives have lucrative retroactive applications.
| What some executives fail to understand
is that they can go back in time and recapture
incentive opportunities from
previous facility expansions. |
Retroactive incentives are exciting. Consider the sheer wonderment of a young child, who upon taking down the Christmas tree, finds another present hidden under the boughs. It's the same with incentives. Many states allow for companies to go back and claim all the goodies they were entitled to in the first place.
Corporate executives interested
in pursuing retroactive incentive opportunities should consider the following:
Review all your facilities to see which may be in an enterprise zone or a similar geographic incentive area.
Every economic development, real estate, and financial executive needs to understand that there are thousands of enterprise zones and incentive areas throughout this country.
There are an equally impressive number of incentives. When reviewing for incentives, contact the local economic development coordinator in the area. Don't be shy.
Inquire about retroactive applications, and remember economic development coordinators are user friendly. Their job is to promote business expansions and to develop positive relations with the business community.
Review your company's previous expansions. Most incentive opportunities, including retroactive incentives, are contingent upon capital expenditures and/or job growth. Facilities that were started or expanded within the past five years should be the focus of attention when considering retroactive incentive applications. Believe it or not, in nearly half of all previous expansions, your company may be able to retroactively receive some or all of the benefits.
Seek the advice and assistance of incentive specialists. Let's face it, many corporate executives have an enormous amount of responsibility in today's competitive business world. In other words, their plates are full. This, however, is not an adequate excuse for bypassing retroactive incentive opportunities.
There are professional organizations that make it their business to fully understand incentives, including retroactive applications. Accounting firms, local law firms, and other incentive specialist organizations are available to businesses as tools to facilitate their retroactive incentive procurement needs.
In today's competitive global economy, the better corporate executives have made it their business to learn about the profound financial impact incentives can have on future business expansions.
The best, however, take this knowledge a step further. They diligently review all their business facilities for retroactive applications. After all, a lucrative "refund check" is just as exciting as negotiating a million dollar incentive package for a new business expansion.
Raymond R. Neville is executive vice president of Mintax, Inc., an East Brunswick, N.J., economic development consulting firm specializing in incentives. You can reach him at info@mintax.com
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