ARRA Provides Tax Benefits to Businesses
The American Recovery and Reinvestment Act of 2009 provided some new and some improved tax benefits for businesses according to the IRS. If you are looking to hire veterans or disconnected youth than their is a tax credit that you should look into. Plus renewable energy tax credits and new loss carry-back rules.
1. Work opportunity tax credit: Allows for a tax credit to business that hire returning veterans or disconnected youth. Two new classes added to a list of classes already supported.
2. Renewable Energy Incentives: A number of new bonds and grants are available to business that want to invest in renewable energy projects. Take a look at the list.
3. New Operating Loss Carryback: Small business that paid taxes on gains in the previous 5 years can now carry back their current losses and obtain refunds.