Banking

Background

You don’t survive over 100 years as an independent regional bank without being smart and flexible, with the ability to deliver great commercial and small business customer service.

Facing the most difficult economic environment since the great depression, this hallowed, yet very progressive institution looked to retroactively claim California Enterprise Zone hiring credits.

Solution

To take greatest advantage of State Enterprise Zone hiring credits available, bank management chose Tax Credit Co., who handles one out of every 10 Enterprise Zone credits in the state, to review a credit study previously completed by a “Big Four” state and local tax group.

A dedicated on-site team quickly gathered and analyzed relevant documentation, allowing the bank to not only expedite the process, but to do so with minimal impact on existing staff.

To uncover more available credits, Tax Credit Co. utilized a unique zone-based GIS tax credit calculation technology that continually adjusts to changing geographic boundaries and qualification rules. Then, specially trained staff respectfully interviewed newly hired employees for possible program qualification when necessary.

Results

Results couldn’t have come at a more welcome time. The bank’s tax credits more than doubled, and were 100% upheld when audited by the Franchise Tax Board.