With the economic disruption of the COVID-19 pandemic certain to
continue through the end of 2020, now is the time to consider the
impact of the virus on year-end reporting obligations, particularly
those that relate to existing economic development credit and
incentive agreements. Most credit and incentive agreements contain
company obligations for employment levels, taxable revenue, and/or
capital investment that may have been impacted by a variety of
pandemic-related factors including: stay at home orders, limited
re-opening restrictions, reduced demand, and supply chain
disruptions. Before your company finds itself facing potential
noncompliance, consider the below questions.
Does your Company have credit and incentives agreements for
state and local discretionary tax credits, grants, forgivable
loans, abatements, or other awards?
