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The Nature of Incentives Compliance in the Age of the Coronavirus

Economic development compliance is historically a long process, one that is typically managed over a multi-year time frame. Companies have negotiated incentives to help offset costs associated with growth and expansion and count on the economic benefits as part of their strategic growth plan — specifically, their plan for building the future of their business and their teams.

What no one counted on was a global pandemic bringing life as we know it to a standstill. The dramatic slowdown of the economy has caused business leaders to take a close look at all aspects of their business, which should absolutely include compliance reporting associated with economic incentive agreements.

Read the rest of the article by Larry Gigerich, Executive Managing Director, and the Ginovus compliance team with highlights covering:

  • What does compliance look like in the middle of a pandemic?
  • Keeping up with compliance will be crucial in a recession.
  • What’s happening around the country with compliance?
  • National emergencies have impacted incentive compliance in the past.
  • Re-negotiation may be a necessary reality.

Access the full story on Area Development here: https://www.areadevelopment.com/taxesIncentives/Q2-2020/nature-of-incentives-compliance-in-age-of-coronavirus.shtml

 

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