More than ever before, states are engaged in fierce competition to attract new and growing businesses and retain the businesses they have. States strategically package incentives to draw in business, create local jobs and spur capital investment. Faegre Baker Daniels works with clients to leverage that interstate competition to obtain grants, tax credits and deductions, and training assistance to jumpstart business expansion and reward research and development efforts.
Intrastate competition among counties, cities and municipalities can be equally intense, and these government bodies aggressively pursue local investment by offering property tax abatement. We work with our clients to negotiate with local authorities, obtain support from local officials, present the case in committee meetings and hearings, and work through complicated application and approval processes.
Our tax attorneys have assisted clients in a wide spectrum of businesses—from technology consultants to industrial service providers and manufacturers—in capitalizing on the most generous state and local incentive programs available. We stand with our clients through the entire process of claiming tax incentives, from site selection and negotiation of incentive offers to representation in approval and certification hearings. Our approach fosters a feeling of partnership between our clients and government authorities to encourage results that are favorable to our clients and that state and local governments believe are beneficial to their constituencies.
Reporting and compliance requirements for redeeming tax incentives can be tedious, but we guide our clients throughout the life of the incentive programs, assisting in resolving any compliance issues that might arise. And if compliance with program terms ever fails, our attorneys can help renegotiate terms and defend against efforts by governments to claw back tax benefits that already have been earned.
Whether our clients seek to expand existing businesses, start up new businesses, bring new ideas to market or simply are considering relocation, our attorneys have experience obtaining the incentives that facilitate those business objectives.