League City Chamber Assisting Members with Hurricane Tax Credits
The League City Chamber of Commerce has initiated a free program to assist members in the evaluation of available Federal Hurricane Relief Tax Credits.
On September 29, 2017, President Trump signed into law The Hurricane Disaster Relief Act of 2017 (H.R. 3823, Section 503). The tax relief legislation includes an employee retention credit to encourage employers affected by Hurricane Harvey to retain employees while their businesses regain normal operations.
“Many of our members are not aware of the available tax credits that are based on lost revenue due to the hurricane,” states League City Chamber President, Steve Paterson. “Any business in the disaster area who retained employees and their business was disrupted due to the hurricane is eligible for the tax credits. By offering free evaluation to our members, we are assisting them in maximizing the tax credits that are potentially available to them.”
The free evaluations are being offered through Synergi Partners that evaluates tax credit eligibility for business in all affected hurricane disaster areas, which includes the entire coastal area of Texas. Synergi Partners has developed a “Operational Impact Analysis” which evaluates business revenue loss on an individual basis.
The tax credit can be substantial according to Paterson. A small business with 25 employees could realize as much as $60,000 in tax credits with the amount increasing as the number of employees increase.
“While nearly every business with employees can be eligible for the tax credit, the evaluation to maximize the credit can be very complex,” states Paterson. “By offering this free evaluation to our members, we have a unique opportunity to engage with our members in supporting the sustainability and growth of their businesses.”