7 Tax Credit Opportunities in Georgia

Did you know that the state of Georgia is one of the best states for tax credits and incentives? In fact, Area Development Magazine named Georgia the best state to do business in.

There are multiple opportunities for business owners when it comes to taxes. Tax credits create new opportunities, but the majority of businesses we talk to have never heard of tax credits or know what tax credits apply to their industry. Depending on your industry, location, or activities, you are eligible for different tax credit opportunities.

Less than 20% of companies take advantage of all available state and federal tax credits.

Here are a few of the tax credits that are available to businesses in the state of Georgia:

  1. Job Tax Credit: Depending on the county, a minimum of 5-25 new full-time jobs created, $750-$3,500 per employee each year for 5 years. Also, a Joint Development Authority Bonus of $500 per job and Existing Industry Bonus of $500 per job are available.
  2. Retraining Tax Credit: Capture 50% of training costs (up to $1,250 per employee) including employee wages, vendor fees for training, travel expenses, and training equipment for new or upgraded software, technology, equipment, and quality training (ISO/Lean Mfg. Six Sigma, TQM).
  3. Investment Tax Credit: 1-5% of qualified expenditures including equipment purchases and leasehold expenditures (minimum of $50,000 threshold).
  4. Port Tax Credit Bonus: Increased job tax credit or investment tax credit amount.
  5. Research & Development Tax Credit: Up to 10% of qualified research expenditures.
  6. Military Zone Tax Credit: $3,500 per job with minimum 2 new jobs created.
  7. Health Insurance Expense Tax Credit: $250 per employee enrolled for 12 consecutive months on a qualified plan (for businesses with less than 50 full-time employees).

Is your business taking full advantage of these tax credits?

Each tax credit has its own set of regulations, compliance, and requirements. In addition, there are many documentation requirements. Our job is to make sure no money is left on the table when it comes to your business. Reach out to us and let’s get you started! DaeSean Hamilton Jersey



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