Case Study
March 30, 2021

State Tax Credit Success Stories

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|Tax redetermination under the final foreign tax credit regulations
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The Elliott Davis State and Local Tax Practice has worked with numerous businesses in a variety of industries on state tax credit and incentive consulting and compliance engagements:

  • An Alabama manufacturer who qualified and applied for a Capital Investment Tax Credit but did not follow through on their application for several years until Elliott Davis identified the opportunity. The State and Local Tax Practice worked with the business and Alabama to secure annual credits worth over $400,000 per year for twenty years.
  • Elliott Davis identified an opportunity to amend three years of South Carolina tax returns for a healthcare business with various locations across South Carolina. The engagement resulted in the business receiving annual tax credits of over $800,000, and immediate cash refunds for the owners of the business worth between $120,000 and$180,000.
  • Assisted a Tennessee-based auto industry manufacturer in establishing over $5 million of state Job Tax Credits. Successfully managed ensuing audit by Tennessee and amended prior-year tax returns to capture cash refunds for the company.
  • Provided consulting and compliance services to an international health supplements company to manage all statutory state tax credit compliance and consulting for its South Carolina location. Elliott Davis’ review of prior state tax returns identified missed statutory credit opportunities resulting in over a million dollars of state income and corporate license fee credits.
  • The State and Local Tax Practice assists many clients, often manufacturers, with their annual property tax filings to maximize their Fee-In-Lieu-Of-Tax (“FILOT”) benefits. Recently we assisted a major South Carolina manufacturer with their annual personal property tax filings that were incorrectly prepared. It’s imperative that experts in the field handle all compliance aspects of negotiated incentives.

Have questions about state tax credits? We can help. Contact a member of our team.

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