Brian Kelly, president of Cost Management Services, and Mark Mitchell, president of the Lake Houston Economic Development Partnership hosted a Relief After Harvey seminar at the Humble Civic Center last week. The presentation provided information to local business owners regarding the new hurricane relief tax credit, who the credit applies to, the potential financial impact of the credit, and how to apply the credit.
“Brian and I are not CPAs (Certified Public Accountants). … What we’re doing is giving you the information to bring back to your CPA,” Mark Mitchell said.
Businesses can claim a dollar-for-dollar tax credit of up to $2,400 per employee, explained Mitchell. Employers are able to take 40 percent of an eligible employee’s wages up to $6,000 that was paid while the business was inoperable due to the hurricane. The period of applicable inoperability begins Aug. 23 and ends Jan. 1, 2018.
The Lake Houston Area Chamber of Commerce has counted 300 area businesses that had to shut down due to damage from Hurricane Harvey.
Houston Chronicle: Tax credit available for Lake Houston-area businesses affected by Harvey