A full discussion on education credits would take a while and with tax season in full swing I don’t have the time to write a full article on the subject. Therefore, if your tax preparer does not bring up the subject, you should.
Several counties in Arkansas, Illinois, Iowa, Missouri, Nebraska, and Wisconsin qualify. There are other tax benefits to those in the listed area, including:
- charitable giving incentives,
- net operating losses,
- education credits,
- recapture of federal mortgage subsidy,
- temporary relocation relief,
- employee retention credit,
- employer housing credit and/or exclusion,
- demolition costs,
- and an increase in rehabilitation credit.