State-Level Fallout from the OBBBA: How New Federal Tax Changes Ripple Across the States
Investing in your business makes it stronger, but finding the resources to pay for that growth can be challenging. Federal and state tax credits and incentives can dramatically improve your financial outlook.
Bennett Thrasher’s team of dedicated professionals can help you maximize your tax savings by taking advantage of tax credits and incentives to align with your company goals. Our services include specialized R&D tax credit services, led by an experienced R&D tax advisor who can help you identify and claim valuable credits.
If you would like to learn more about the valuable tax credits and incentives for which your business may qualify, our tax credit experts can help.
The Research & Development (R&D) Tax Credit helps businesses invest in new or improved products and processes. The tax credit for research and development can offset federal income tax liability and, in some cases, payroll tax liability. Many states provide a similar credit, making it one of the most valuable tax credits available.
Cost segregation studies are a valuable tax strategy for real estate investors and commercial property owners. Various components of real estate like flooring, fencing, and sidewalks may be segregated and reclassified for depreciation purposes from a 39-year or 27.5-year depreciable class life to a five, seven, or 15-year depreciable class life — or as qualified improvement property (QIP).
This can result in substantial tax savings, especially if those owners apply accelerated depreciation methods like Section 179 or bonus depreciation. Our team can determine the right depreciable lives for your assets and choose the depreciation methods to optimize your tax position, resulting in substantial tax savings.
Commercial and residential properties that exceed energy efficiency standards may qualify for substantial tax savings under Section 179D. The tax savings can offset the cost associated with installing energy efficient components. BT can help by:
Energy efficiency incentives like Section 179D may benefit commercial and multifamily building owners, architects, engineers, investors, developers, and building contractors.
Employers that provide or sponsor childcare for their employees may be able to claim a federal and/or state credit for:
The federal and state credits, coupled with the tax savings from deducting a portion of the childcare expenditures, can yield an after-tax cash surplus — that is, the tax savings can more than offset the cost of providing the childcare benefits.
State-Level Fallout from the OBBBA: How New Federal Tax Changes Ripple Across the States
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The professionals at Bennett Thrasher will help identify available tax-saving opportunities at no charge, allowing you to see the potential benefit before pursuing a particular tax credit or incentive.