TCI Tax Intelligence – Georgia Jobs Tax Credit
Georgia Jobs Tax Credit
The state of Georgia offers one of the most lucrative tax credits in the country. The Georgia Jobs Tax Credit allows a qualified business up to $4,000 per year for 5 years for each new job created. Since the program’s inception in 1990, Georgia has continued to promote and expand the Georgia Jobs Tax Credit program to encourage economic development within the state.
The Georgia Jobs Tax Credit program is a combination of several job growth initiatives available either state-wide or in designated zones and areas.
State-wide Jobs Tax Credit – Only businesses engaged in manufacturing, warehousing and distribution, processing, telecommunications, tourism, and research and development qualify for this credit. The minimum job creation and amount of credit is dependent on the “Tier” level of the county, as follows:
- Tier I – minimum of 2 new full-time jobs at $3,500 credit per job
- Tier II – minimum of 10 new full-time jobs at $2,500 credit per job
- Tier III – minimum of 15 new full-time jobs at $1,250 credit per job
- Tier IV – minimum of 25 new full-time jobs at $750 credit per job
- An additional $500 per job is available if located in a Joint Development Authority (JDA) area
Designated zones and areas – Any “lawful” business can take advantage of the Georgia jobs tax credit programs listed below. In these areas, companies are only required to create a minimum 2 net new jobs to receive a $3,500 tax credit per new job each year for 5 years. In addition, the company is allowed to apply the tax credit against withholding tax if they have used up all their corporate tax liability.
- Tier I Bottom 40 county – Any business located in one of the 40 least developed counties in the state of Georgia qualifies
- Opportunity Zone – state/local designated areas of the state undergoing redevelopment and revitalization
- Military Zone – designated locations adjacent to military bases with certain poverty rates
The process of determining eligibility and credit for the Georgia Job Tax Credit program can be complicated. Equifax Workforce Solutions has a team of individuals who review locations and payroll to maximize credit.
Contact us or your Account Manager (AM) if your company is interested in receiving more information on the Georgia Job Tax Credit program.
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