Georgia Top Credits & Incentives
Businesses operating in the State of Georgia have numerous 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.
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Georgia’s Mega Project Tax Credit
Companies can avail of Georgia’s Mega Project Tax Credit if they hire a minimum of 1,800 new employees, and either make an investment of at least $450 million or maintain an annual payroll that exceeds $150 million. These eligible businesses have the opportunity to claim a tax credit of $5,250 for each new job position, annually, for the initial five years.
Initially, these credits are deducted from the state corporate income tax, with any remaining credits applicable against payroll withholding. It’s possible to roll over these credits for a duration of 10 years.
Authority
- O.C.G.A 48-7-40.24
Requirements
- Hire at least 1,800 net new full-time employees
- Either invest a minimum of $450 million or have a minimum annual payroll of $150 million: and
- Either pay an average wage above specified minimums or show high growth potential
Duration
- Have up to six years to meet thresholds
- Can extend the period up to eight years with over $600 million or up to ten years with over $800 million invested in qualified property
To qualify, the facility must be in a specified industry, including:
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Businesses
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