Momentum - Business to Business Online Magazine MOMENTUM Summer 2018 - Page 34

League City Regional Chamber Member Receives Thousands of Dollars in Hurricane Tax Credits By: Fields Norwood Synergi Partners On September 29, 2017, President Trump signed $36.5 billion in federal disaster relief (H.R. 3823, Section 503) which allows eligible disrupted businesses to receive up to $2,400 for each employee retained after the hurricane. The tax credit begins after the hurricane made landfall, ending on the date the business resumed significant operations, but no later than January 1, 2018. The League City Regional Chamber of Commerce teamed up with Synergi Partners and initiated a free program to assist members in the evaluation of available Federal Hurricane Relief Tax Credits. Raymond Soto, Allstate Insurance Agent and former Chairman of the Chamber Board of Directors, received a credit of several thousand dollars for the disruption the hurricane caused his business. “Synergi provided me with a service and benefit I would otherwise not have utilized had they not aligned with the League City Regional Chamber of Commerce as a partner,” states Soto. “The tax credit my company received was enough to cover a quarterly payment.” Free evaluations are being offered through Synergi Partners to determine tax credit eligibility for businesses in all affected hurricane disaster areas, including the coastal area of Texas. Synergi Partners has developed an “Operational Impact Analysis” which evaluates business revenue loss on an individual basis. Eligible businesses can receive substantial tax credits. A small business with 25 employees could realize as much as $60,000 in tax credits with the amount increasing as the number of employees increase. “Synergi did all the calculation legwork and provided it in a completed format,” states Soto. “I would encourage any business owner that is wondering about their closure and possible qualification to call today.” To learn more about the free tax credit evaluation of your business visit the League City chamber website at: http:// or contact Fields Norwood at or 843-773-2164. MOMENTUM / Summer 2018 33