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New Thomson Reuters Solution Helps Businesses Access Cost-Saving Discretionary Tax Credits and Incentives

States, municipalities, and the federal government are offering an increasingly wide array of incentive packages — awarded on a discretionary basis — to attract and retain businesses.

Identifying and accessing these deals can be difficult, however, and companies may be leaving millions of dollars on the table.

In 2013, Thomson Reuters introduced Checkpoint Credits and Incentives Pinpointer, a web-based tool that enables companies to identify and evaluate their eligibility for statutory credits and incentives.

Today, the company announced the release of Checkpoint Credits and Incentives Pinpointer: Statutory and Discretionary, which covers an expanded set of the most prevalent discretionary incentives across 51 jurisdictions. This includes large grant or forgivable loan programs, workforce training grant programs, state ‘closing fund’ programs, and other programs used to attract or fund economic development projects.

Users can search for discretionary incentives by location, credit type, or industry – simplifying the research process and enabling businesses to use eligible incentives to optimize their tax position or their bottom line.

“Our customers told us discretionary incentives are of growing importance to their businesses, but that researching these opportunities could be cumbersome and time-consuming,” said Gayathri Narayan, director of the State and Local Tax Practice Segment at Thomson Reuters. “Our upgraded product identifies important state-wide discretionary incentives in addition to statutory credits and incentives. It uses geo-coding technology to find credits and incentives for a specific location — in seconds.”

The enhanced product also supports businesses in subsequent phases of research — by providing details about each available incentive and the parameters for negotiating discretionary incentives and accessing applicable awards.