Georgia Tax Credits & Incentives
Businesses operating in the State of Georgia have numerous tax credits and incentives available to help offset the cost of retraining employees, hiring employees, or making new investments. The credits have been around a long time and have helped to shape Georgia’s image as a great place to do business.
Retraining Tax Credit
This credit allows taxpayers to recover up to 50% of direct training costs calculated at $500 per employee per approved retraining program, up to $1,250 per employee per year. The program is designed to increase the skill sets of the Georgia workforce which in turn makes Georgia businesses more competitive.
Job Tax Credit
Businesses in Georgia’s strategic industries can earn as much as $5,250 in annual tax savings for each new job created, for up to five years. The exact value of the job credits depends on two factors – how many jobs are created, and where.
Quality Jobs Tax Credit
Companies that create at least 50 jobs in a 12-month period – at wages that are at least 10 percent higher than the county average – qualify for a tax credit of $2,500 to $5,000 per job.
Investment Tax Credit
Companies in manufacturing or telecommunications support who have operated in Georgia for at least three years can be eligible to receive an investment tax credit of 1% to 8% of qualified capital investments over $50,000.
Port Tax Credit Bonus
Georgia companies that increase imports or exports through a Georgia port by at least 10% can qualify for a bonus tax credit to the Jobs Tax Credit increasing the amount per net new job by $1,250. Alternatively, businesses can apply the port bonus to the Manufacturers Investment Tax Credit increasing the percentage of investment that can be claimed.
Industries benefiting from Georgia Tax Credits
• Manufacturing
• Warehousing and Distribution
• Telecommunications
• Broadcasting
• Research and Development
• Services for the Elderly and Persons with Disabilities
• Data Processing
– Insurance Administration
– Pension Fun Administration
– Automated Clearinghouses
– Computer Systems Design & Service
– Producing Computer Software
– Payroll Services
– Financial Transactions
– Call Center Services
• Tourism
– Traveler Accommodation
– Recreational Vehicles
– Convention Centers
– Promoters of Performing Arts, Sports
– Recreational and Vacation Camp
– Resort Golf Courses and Country Clubs
– Sports Teams and Clubs
– Racetracks
– Amusement and Theme Parks
– Tour Operations
– Scenic and Sightseeing Transportation
– Hunting and Trapping
– Museums, Historical Sites, and Similar Institution
Location based special designations do not have industry limitations.
Industry requirements vary by incentive.
Businesses
Verity works with companies of all sizes and industries to claim the credits and incentives that they have been missing
CPA Firms
Whether working directly with your clients, or white-labeling, Verity has a solution to fit your needs
Payroll Companies
Offer tax credit compliance services to your product offering as a value-add to your clients
Schedule a 20 minute call to discuss your tax credit situation
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