Grants, Contracts, Tax Credits, and Deductions

The most popular labor-saving device is still money. 

Safety and loss prevention professionals should consider an inquiry into tax credits or deductions as part of the development phase of any program. If safety and loss prevention professionals do not perform such searches, they may be passing over cost savings that may justify acceptance of a specific program. For example, safety and loss prevention professionals are often responsible for compliance with the new Americans with Disabilities Act (ADA). Tax credits and deductions are often available to eligible companies for certain expenses incurred in the process of achieving and maintaining compliance  

Safety and loss prevention professionals should always consult their in-house tax specialists for specific requirements and assistance with any tax deductions or credits. Remember, though, if safety and loss prevention professionals do not inquire about tax credits and deductions, these important areas may be overlooked and thus forgotten. 

Safety and loss prevention professionals attempting new or innovative ideas and programs often overlook private institutions and federally funded grants as potential resources. Although most private sector employers have previously avoided this area of funding, safety and loss prevention professionals with research needs, new ideas and innovations, or other unique issues may want to consider this type of outside funding in order to initiate and develop projects. 

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