Investment, Redevelopment and Tax Credit Opportunities
Job Tax Credits - Tier 3 - Greene County
Corporate income tax credits for new and expanding industries are available for companies that create qualifying new jobs under guidelines of Georgia’s Business Expansion and Support Act (BEST) legislation. To determine applicable tax credit levels, Georgia’s 159 counties are divided into four levels or “tiers” based on the relative economic strength of the county, with Tier 1 counties being the most economically disadvantaged and proceeding through Tier 4 counties which are the least economically disadvantaged. Job creation or investment thresholds are set for each tier, with a per job tax credit amount established per tier. Permanent job creation levels are established in year one of a business’s operation, and the credits are allowed for new full-time employee jobs for fi¬ve years in years two through six after the creation of the jobs. In Greene County, a Tier 3 county, the per job tax credit is $1,250 per job, per year; however, since Greene County participates in a multi-county joint development authority, the amount of the credit increases by $500 per job per year for a total credit of $1,750 for businesses locating or expanding in Greene County.
The total credit amount may offset up to 50% of a taxpayer’s state income tax liability for a taxable year. A credit claimed but not used in any taxable year may be carried forward for 10 years from the close of the taxable year in which the quali¬fied jobs were established. The measurement of new full-time jobs and maintained jobs is based on average monthly employment.
Investment Tax Credit
Businesses or the headquarters of any such businesses which meet the eligibility requirements for the job tax credit or the investment tax credit and that have increased their port traffic tonnage through Georgia ports during the previous 12-month period by more than 10% over their base year port traffic, or by more than 10% over 75 net tons, five containers or 10 20-foot equivalent units (TEU’s) during the previous 12-month period, qualify for increased job tax credits of $1,250 per job or investment tax credits. NOTE: Base year port trac must be at least 75 net tons, ¬ve containers, or 10 TEU’s. If not, the percentage increase in port trac will be calculated using 75 net tons, ¬ve containers, or 10 TEU’s as the base.