Which industries qualify?
Georgia Investment Tax Credit Summary
What investments qualify?
Whats the credit worth?
Example:
In 2012, a Spalding county (tier 1) manufacturer began a plant expansion project that it completed in 2014. The expansion included adding 10,000 square feet of production space, new lighting and air conditioning systems, as well as purchases of new manufacturing equipment, costing the company $500,000. The company has been in business in Georgia since 2001 and has filed all required state tax returns. The company qualifies for a $25,000 Investment Tax Credit ($500,000 x 5%) it can claim on its 2014 tax return.
Georgia Job Tax Credit Summary
Which industries qualify?
Can a business still qualify if they are not in a qualifying industry?
How many jobs have to be created?
What are the job requirements?
What’s the credit worth?
Who can apply Job Tax Credits against withholding taxes?
Example:
A stock broker whose office is located in the Downtown Atlanta OZ hired 2 broker trainees in January of 2013. Both brokers work 40 hours a week, earn $600 a week, and have access to a cafeteria plan. The broker is eligible for a $7,000 Job Tax Credit in 2014 (2 jobs x $3,500). As long as the jobs are maintained, the broker can claim $7,000 a year for 5 years, for a total Job Tax Credit of $35,000. If the amount of the credit exceeds the broker’s tax liability for any taxable year, then the broker may elect to apply the credits against state withholding taxes.
Georgia Opportunity Zone Job Tax Credit Summary
Who qualifies?
How do businesses qualify?
What is the credit worth?
Example:
A recycling company located in the Fulton County Industrial Opportunity Zone hired 2 new employees in January of 2013. Both employees work 40 hours a week, earn $600 a week, and have access to a cafeteria plan. The company is eligible for a $7,000 Job Tax Credit in 2014 (2 jobs x $3,500). As long as the jobs are maintained, the company can claim $7,000 a year for 5 years, for a total Job Tax Credit of $35,000. If the amount of the credit exceeds the company’s tax liability for any taxable year, then the company may elect to apply the credit against state withholding taxes.
Georgia Retraining Tax Credit Summary
Which employees qualify?
What training qualifies?
ALL training on New and/or Upgraded Equipment, Software, and Technology Platforms qualifies
Here are just a few examples:
What is the credit worth?
What is the credit worth?
Example:
A recycling company located in the Fulton County Industrial Opportunity Zone hired 2 new employees in January of 2013. Both employees work 40 hours a week, earn $600 a week, and have access to a cafeteria plan. The company is eligible for a $7,000 Job Tax Credit in 2014 (2 jobs x $3,500). As long as the jobs are maintained, the company can claim $7,000 a year for 5 years, for a total Job Tax Credit of $35,000. If the amount of the credit exceeds the company’s tax liability for any taxable year, then the company may elect to apply the credit against state withholding taxes.
Equipment
Software
Technology
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Tax Credit Summaries
Georgia Investment Tax Credit Summary
Which industries qualify?
Georgia Investment Tax Credit Summary
What investments qualify?
Whats the credit worth?
Example:
In 2012, a Spalding county (tier 1) manufacturer began a plant expansion project that it completed in 2014. The expansion included adding 10,000 square feet of production space, new lighting and air conditioning systems, as well as purchases of new manufacturing equipment, costing the company $500,000. The company has been in business in Georgia since 2001 and has filed all required state tax returns. The company qualifies for a $25,000 Investment Tax Credit ($500,000 x 5%) it can claim on its 2014 tax return.
Georgia Job Tax Credit Summary
Which industries qualify?
Can a business still qualify if they are not in a qualifying industry?
How many jobs have to be created?
What are the job requirements?
What’s the credit worth?
Who can apply Job Tax Credits against withholding taxes?
Example:
A stock broker whose office is located in the Downtown Atlanta OZ hired 2 broker trainees in January of 2013. Both brokers work 40 hours a week, earn $600 a week, and have access to a cafeteria plan. The broker is eligible for a $7,000 Job Tax Credit in 2014 (2 jobs x $3,500). As long as the jobs are maintained, the broker can claim $7,000 a year for 5 years, for a total Job Tax Credit of $35,000. If the amount of the credit exceeds the broker’s tax liability for any taxable year, then the broker may elect to apply the credits against state withholding taxes.
Georgia Opportunity Zone Job Tax Credit Summary
Who qualifies?
How do businesses qualify?
What is the credit worth?
Example:
A recycling company located in the Fulton County Industrial Opportunity Zone hired 2 new employees in January of 2013. Both employees work 40 hours a week, earn $600 a week, and have access to a cafeteria plan. The company is eligible for a $7,000 Job Tax Credit in 2014 (2 jobs x $3,500). As long as the jobs are maintained, the company can claim $7,000 a year for 5 years, for a total Job Tax Credit of $35,000. If the amount of the credit exceeds the company’s tax liability for any taxable year, then the company may elect to apply the credit against state withholding taxes.
Georgia Retraining Tax Credit Summary
Which employees qualify?
What training qualifies?
ALL training on New and/or Upgraded Equipment, Software, and Technology Platforms qualifies
Here are just a few examples:
Equipment
Software
Technology
What is the credit worth?
What is the credit worth?
Example:
A recycling company located in the Fulton County Industrial Opportunity Zone hired 2 new employees in January of 2013. Both employees work 40 hours a week, earn $600 a week, and have access to a cafeteria plan. The company is eligible for a $7,000 Job Tax Credit in 2014 (2 jobs x $3,500). As long as the jobs are maintained, the company can claim $7,000 a year for 5 years, for a total Job Tax Credit of $35,000. If the amount of the credit exceeds the company’s tax liability for any taxable year, then the company may elect to apply the credit against state withholding taxes.
CONTACT INFORMATION
Wellington Incentives Group
116 East College St
P.O. Box 679 Griffin, GA 30224
Tel. (678)-603-1813
Fax. (678)-692-8211
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