What if you could benefit your business financially, but also increase the wealth and prosperity of the families in your community? This is possible with the Indian Employment Tax Credit. It is one of the lesser known tax credit opportunities, but benefits all who take advantage of it.
By definition, the Indian Employment Tax Credits provides financial benefits to employers who are located on Indian Reservation land and hire enrolled members of the Indian Tribe or their family members. Not all states have reservations, but there are reservations located in 35 states that belong to the 567 federally recognized tribes in the United States.
According to the IRS, the credit may provide an employer with up to 20% savings on employee wages and health insurance. The greater benefit still may be the opportunity you would be able to provide the Native families in your business’s community. The national poverty rate for Native people is 25.4%, with that rate nearly doubling for families living on certain reservations.
There’s a word for when something is mutually beneficial for both parties involved: symbiotic. By choosing to invest in building a business on reservation land, you would be able to positively influence generations in that community for years to come, and receive financial savings for your business in return.
The only businesses that are not eligible for the Indian Employment Tax Credit are businesses located on casino property. Otherwise, if you feel you may be eligible for this credit or would like to explore the possibility of becoming eligible, you can learn all about it with our quick-read guide here.
