Incentives Alerts

At Silverlode, we encourage our clients to #InvestInOurPlanet through practices and technologies that will benefit the earth. We are proud to recommend tax credits and incentives to make that possible.

Green incentives are available to companies at the Federal, State and Local level based on the technology investment. These incentives can be in the form of tax credits, grants, abatements, loans rebates, and renewable energy certificates. Over the past year, many of our clients have invested in solar energy. A few examples of tax credits for solar energy include the following.

Effective July 7, 2022, the Maryland Commuter Tax Credit will extend eligibility benefits to certain employer-funded programs for carpools, walking and biking gear, teleworking and multimodal commuting.

Maryland recently passed legislation that creates a state income tax credit match for the federal Work Opportunity Tax Credit (WOTC). WOTC is a federal tax credit program which incentivizes employers to hire individuals with barriers to employment. Maryland has created a nonrefundable state income tax credit which provides a credit of 50% of the federal WOTC based on eligible employees working in Maryland.

As we begin the filing season for tax years beginning on January 1, 2020, Georgia has recently made a positive change for companies negatively affected by COVID-19.

Georgia House Bill 846 allows businesses who calculate the Georgia Job Tax Credit to use 2019 headcount for their 2020 and 2021 credit reports. The bill also allows certain telecommuting employees to qualify for the credit for tax years 2020 and 2021.

The President signed the COVID-Related Tax Relief Act of 2020 (COVIDTRA) and government funding bill into law today. Many of the provisions of COVIDTRA will benefit Silverlode clients, including the following extensions and expansions: