We have recently learned of a new program which provides income tax credits for the creation of new jobs. Employers can get a credit of up to $9,000 over a 3-year period for each new job a company creates when they invest in Arizona. This program is titled the Quality Jobs Tax Credit Program and was established by the Arizona legislature.
The goal of the program is to encourage business investment and the creation of high-quality employment opportunities in the state. The program accomplishes this goal by providing tax credits to employers creating a minimum number of net new quality jobs and making a minimum capital investment in Arizona.
The program in a nutshell is as follows; however, please click on the link above for detailed information about this program.
Metro Phoenix Area and counties with over 800,000 population:
- Create a minimum of 25 new jobs with a minimum salary of $33,966
- Capital investment of $5 million
- Pay 65% of the employees’ health insurance costs
Rural Areas – Counties with population of less than 800,000:
- Create a minimum of 5 new jobs with a minimum salary that varies upon the county
- Capital investment of $1 million
- Pay 65% of the employees’ health insurance costs
Please contact Bonnie Arlia at bonnie.arlia@velocityretail.com to have this information sent directly to your email.