Florida Manufacturing Machinery and Equipment Exemption Approved

 

Florida expands Manufacturing Machinery and Equipment Exemption

House Bill 391 was approved by the Economic Development and Tourism Subcommittee to expand the sales tax exemption for the purchase of machinery and equipment. The exemption would apply to all manufactuer' machinery and equipment purchases not just machinery and equipment for new business or companies who can show new equipment increased produciton by five percent. 

 

Urgent: Fiscal Cliff Provides 15 Month WOTC Credit Look Back (April 29, 2013 Deadline)

A very important note regarding the Work Opportunity tax credit. If you are not already claiming these credits, you have time to claim them in arrears through the end of April!

Have you claimed  “WOTC” (Work Opportunity Tax Credits) for 2012?” 

Normally, employers have merely 28 days to claim their credits for recently hired qualified employees. 

Due to the recent ”fiscal cliff” deal by Congress and the President, however, the IRS is now providing a 15-month look back opportunity to claim these credits. 

WOTC can reduce an employer’s federal income tax liability by as much as $9,600 per employee hired.

Additionally, there is no limit on the number of individuals an employer can hire to qualify to claim the tax credit.

Even tax-exempt organizations can take advantage of WOTC by hiring eligible veterans and receiving a credit against the employer’s share of Social Security taxes.  

Eligible employees include:

Veterans

• Disabled persons
• Food stamp recipients
• Long-term Temporary Assistance for Needy Family Recipient
• Short-Term Temporary Assistance for Needy Family Recipient
• Designated Community Resident
• Ex-felon
• Supplemental Security Income Recipient
• Summer Youth Employee

Employers may receive from $1,200 to $9,600. per eligible employee, depending on the target group of the new employee.     

The Work Opportunity Tax Credit (“WOTC”) is a federal income tax credit incentive program that was created to promote the hiring of individuals who face significant barriers to employment.  This program was on a prolonged hiatus in 2012 and has affected employer’s hiring and tax planning. 

 How to Apply - we will help you complete federal and state forms to obtain tax credit and we will deal with federal and state agencies to ensure that your company receives federal income tax credit that You Are Entitled To for all of your eligible employees.

Time is running out!  The deadline to submit claim requests is this coming April 29, 2013.
Please contact me at 305.960.1202 for more information on how we can assist you with meeting this deadline.