Taxes
THE BEST OF GEORGIA:
BUSINESS IS LESS TAXING IN PEACH COUNTY. GROW IT SWEETER WE GROW IT SWEETER
Peach County understands how important it is to mitigate costs associated with facility relocation and expansion. Because of that, we partner with the state of Georgia to offer incentive solutions designed to offset start up costs while encouraging job creation and investment. We are designated as a Tier 2 County, which means you can claim a $3,000 job tax credit per employee – that’s the most attractive incentive in the state. What’s more, Peach County exempts 100% on all classes of certain business inventory from property taxation. There are tax credits, exemptions and incentives for everything from job creation and capital investments to mega-projects and port usage. To learn about specific incentives, please call our office at +1 (478) 825-3826
SELECTED LOCAL AND STATE TAX INCENTIVES
In Peach County, job and investment tax credits are available to corporations and headquarters engaged in manufacturing, distribution, research and development, processing, telecommunications and tourism.
Manufacturers operating for at least three years are eligible to receive tax credits for plant expansions or facilities construction. Credit earned amounts from 1% to 8% of qualified capital investments of $50,000 or more.
Companies that create at least 50 new net jobs and pay wages at least 10% of the county average are eligible to receive a credit of $2,500 to $5,000 per job, per year, for up to five years.
Research & Development Tax Credit
Peach County companies can claim 10% of increased qualified research and development expense over gross receipts as a tax credit. Georgia taxpayers must qualify for a research credit under the IRS code to be eligible.
Georgia companies can receive a tax credit of 50% of their costs for direct investment in training, up to $500 credit per full-time employee, per training program. The total credit cannot exceed $1,250 per employee per year, and training programs must be approved by the Technical College System of Georgia.
Georgia’s port tax credit bonus rewards new and expanding Georgia companies that increase imports or exports through a Georgia port by at least 10 percent over the previous or base year. The port tax credit bonus may offset up to 50 percent of the company’s corporate income tax liability. Unused credits may be carried forward for 10 years.
Georgia’s fight against the COVID-19 pandemic includes the creation of a new Personal Protection Equipment(PPE) Tax Credit Bonus that rewards job creation that expands the manufacture of PPE and hand sanitizer in Georgia.
Only those jobs dedicated to manufacturing PPE or hand sanitizer may qualify. If the facility ceases to manufacture PPE or hand sanitizer, or if the jobs are no longer involved in manufacturing PPE or hand sanitizer, then the company may no longer claim the PPE bonus for those jobs. Eligibility extends to jobs dedicated to the manufacture of:
Personal protective equipment
- Any protective clothing, helmets, gloves, face shields, goggles, facemasks, hand sanitizer, and respirators or other equipment designed to protect the wearer from injury or to prevent the spread of infection, disease, virus, or other illness. Such term shall include equipment identified under 29 C.F.R. Section 1910, Subpart I.
Hand sanitizer
- Any hand antiseptic, hand rub, soap, or agent applied to the hands for the purpose of removing common pathogens, including, but not limited to, hand cleaners and sanitizers provided for under 7 C.F.R. Section 3201.18.
Click here to read Rule 560-7-8-.66 Personal Protective Equipment Manufacturer Jobs Tax Credit from the Georgia Department of Revenue.
Work Opportunity Tax Credits (WOTC) are federal tax credits awarded to Georgia companies that hire individuals who have consistently faced significant barriers to employment (veterans; recipients of needy family and nutritional assistance; residents of empowerment zones and rural renewal counties; ex-felons, summer youth employees and more). WOTC can help reduce federal income tax liability provides employers with financial incentives with tax credits from $1,200 to $9,600 per qualified employee.
The Mega Project Tax Credit is available for companies that employ at least 1,800 new employees and invest a minimum of $450 million or have a minimum annual payroll of $150 million. Qualifying companies may claim a $5,250 per job, per year tax credit for the first five years of each net new job position. Credits are first applied to state corporate income tax, then any excess credits are eligible for use against payroll withholding. Credits may be carried forward for ten years.
Film, Television & Digital Entertainment Tax Credit
Tax credits up to 30% for film, television and digital entertainment projects can create significant cost savings. Qualifying projects include everything from feature films and television series to music videos, commercials, animation and interactive games. Georgia’s Entertainment Industry Investment Act provides a 20% tax credit for companies that spend $500,000 or more in a single production or on multiple projects. Tax credits may be transferred if a company has little or no tax liability in Georgia.
Musical Tax Credit
Beginning January 1, 2018, eligible production companies who meet the applicable spending threshold may receive a tax credit of up to twenty percent on qualified production expenditures on eligible musical or theatrical performances or recorded musical performances. Minimum spend is $500,000 for musical or theatrical performances, $250,000 for synchronized recorded musical performance, and $100,000 for any other recorded musical performance.
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