Greene County, Georgia maintains a stable business tax environment and offers attractive incentives to new and existing businesses to encourage the creation of new jobs and investment. Our Leadership Team is very pro-economic development, and supports The Office of Economic Development and their efforts to be an ongoing resource for workforce recruitment, positive public relations and marketing, navigating tax incentives and needs from offices around the county. The Greene County Development Authority and our joint development authority, The Lake Oconee Area Development Authority, work closely with our team to assist as needed with projects. The Greene County Manufacturers Council offers a league of professionals with strong connections and industry best practices that are shared through networking and education seminars on a quarterly basis.
Georgia's Corporate Income Tax
Georgia's Corporate Income Tax rate of 6% has remained unchanged since 1969 which provides a cost advantage before any tax credits are earned. "Single Factor Gross Receipts" apportionment formula results in a substantial and permanent reduction of Georgia income taxes for companies that manufacture products within the state of Georgia and sell those products or services to customers in other states. This is designed to encourage manufacturing, distribution and service companies to invest or expand in Georgia.
Georgia Business Tax Incentives for Job Creation and Investment
- Job Tax Credit Program Qualified businesses in Greene County may qualify for this credit if they create at least 10 net new jobs in a calendar year. Job Tax Credits of $3,000 each year for five years for each new full time job created and maintained. For example: $3,000 x 10 new jobs x 5 years = $150,000 in tax credits. Special zones around Greene County that are designated as Less Developed Census Tracts or Opportunity Zones are eligible for a $3,500 job tax credit which can be applied to 100% of corporate income tax liability with excess to payroll withholding.
- Port Job Tax Credit Bonus is a $1,250 per job bonus for businesses that already qualify for the job tax credits and have a 10% increase in Georgia Port traffic over the previous year.
- Quality Job Tax Credits Businesses qualify for this credit if they create a minimum of 50 new jobs that pay at least 110% of the county average. Credits are per job, per year, for up to 5 years based on an increasing scale system.
- Retraining Tax Credits Direct investment for employee retraining for quality and productivity enhancements and certain software technologies may qualify for credits of 50% of the employer's direct cost of up to $500 per employee.
- Additional credits are available for Research & Development, Mega Sites, Childcare, Equipment, Capital Investments, Retraining Employees, and Small Business Fast Growth Companies.
- Credits earned in Greene County may be used to offset up to 50% of a company's Georgia corporate income tax liability in any taxable year following the year in which the credits are earned. Credits not used may be carried forward and applied for up to 10 years.
Effective Property Tax Rates for Greene County
The following rates apply to all real and personal property owned by individuals and corporations, and are specific to the taxing jurisdiction.
- City of Greensboro: 1.308% of Fair Market Value (FMV)
- Greene County (Unincorporated areas) : 1.095% of FMV
- City of Union Point: 1.2659% of FMV
- City of Woodville: 1.28% of FMV
- City of Siloam: 0.9167% of FMV
Depreciation Schedule (Personal Property)
The depreciation of machinery will depend on the group that the taxpayer listed the equipment under when filing a claim with the Greene County Personal Property Assessors. For tax year 2013, the following were the percentages used for depreciation on each class for the first year of business:
- GROUP 1: 87% Typical Economic Life of 5-7 years
- GROUP 2: 92% Typical Economic Life of 8-12 years
- GROUP 3: 95% Typical Economic Life of 13 years or more
- GROUP 4: 67% Typical Economic Life of 1-4 years
Companies operating 24 hours per day, 7 days per week, may be eligible for accelerated depreciation on equipment.
Multi-Shift - Accelerated Depreciation
Additional depreciation of production machinery and equipment that was utilized over 85% of total available time over a 12-month period may be allowed with annual filing.
Inventory Tax Exemption (Freeport)
100% Freeport Tax Exemption (ad valorem) with annual filing for the following classes of inventory:
- Raw materials and goods in process of manufacture
- Finished goods held by the manufacturer
- Finished goods destined for shipment out-of-state
Industrial Revenue Bond (IRB) Financing
Tax exempt bond financing is available for companies seeking to finance the purchase of land, buildings and equipment for eligible manufacturing projects. Rates for tax-exempt bonds are market-based and established on the credit and strength of the individual company and projects.
Sales and Use Tax and Exemptions
Georgia helps companies lower their cost of doing business by offering the ability to purchase various types of good and services tax free. Georgia Law provides a 100% sales and use tax exemption for qualified purchases including:
- Raw materials
- Goods intended for resale
- Qualified machinery used directly in the manufacture of tangible personal property
- Qualified repairs to industrial machinery
- Energy used in manufacturing
- Material handling equipment used in qualified distribution businesses
- Pollution Control Equipment
- Qualified sales of computer hardware and software for high technology companies
- Clean room equipment used directly in manufacturing
- The sale of water delivered through mains, lines or pipes
- Qualified telecommunications services