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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Opportunity Zones Tax Credit
Local governments are now allowed to qualify certain older commercial and industrial areas for the state’s highest job tax credit of $3,500 per job under the Opportunity Zones Tax Credit program. These areas should be undergoing redevelopment and revitalization. The incentive, applicable to new or existing businesses that create at least two jobs, offers a Job Tax Credit that can be leveraged against the business’s income tax liability and payroll withholding tax in Georgia.
This Opportunity Zones Tax Credit is available for areas designated as a “State Opportunity Zone” by the Department of Community Affairs (DCA). The DCA will consider designations for regions that are within or adjacent to a census block group having a poverty rate of 15% or more, where an enterprise zone or urban redevelopment plan is operational.
- Must create at least two net new jobs within a tax year of full-time employees (at least 35 hours)
- New jobs must be offered health insurance
- The average wage of each new job created must pay at or above the average wage of the county with the lowest average wage in the state
- The highest Job Tax Credit permissible by law, amounting to $3,500 per job created
- The lowest job creation requirement of any job tax credit program, with a threshold of just two jobs
- The possibility to apply Job Tax Credits against 100 percent of income tax liability and withholding tax in Georgia
- Allows businesses of any kind to qualify, not limited to a defined “business enterprise”
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