Taxes
THE BEST OF GEORGIA:
BUSINESS IS LESS TAXING IN PEACH COUNTY.
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 1 County for 2024, which means you can claim the $4,000 job tax credit per year for 5 years for every new job created. In certain areas, the credit can also lower your payroll withholding obligations. 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
The Port Tax Credit Bonus: Because BUSY is Good for Business
If your company increases imports or exports through a Georgia port by 10% – and if you qualify for the Georgia’s Job Tax Credit or Investment Tax Credit – you’re also eligible for the Port Tax Credit Bonus. To qualify, your base port traffic amount must equal at least 10 TEU (Twenty-Foot Equivalent) units. The 10% increase can be measured against the previous year or base year. When paired with Georgia’s Job Tax Credit, the port credit value amounts to an additional $1,250 credit per new job per year – for 5 years – as long as both the job and the higher level of port traffic are maintained.
Georgia's Quality Jobs Tax Credit
Companies in all industries in Georgia can qualify for the Quality Jobs Tax Credit. If the jobs your company creates pay at least 10% above the average wage of the county in which they’re located, they’re considered “high-paying jobs,” and you may qualify for an even higher jobs tax credit.
Investment tax credits help Georgia businesses grow by making it more affordable to expand and improve facilities. Companies in manufacturing or telecommunications support that have operated in Georgia for at least three years are eligible to earn investment tax credits for upgrades or expansions. Credit earned amounts to 1 percent to 8 percent of qualified capital investments of $50,000 or more.
The credit is calculated using two factors:
1. Geographic location. Companies in the state's less prosperous counties receive larger credits.
2. Type of investment. Companies that invest in recycling equipment, pollution control or in converting a defense plant manufacturing facility to a new product earn tax credits of 3 percent to 8 percent of their capital outlay. Investment in general equipment for manufacturing or telecommunications services earns tax credits of 1 percent to 5 percent.
Investment tax credits can be used to offset up to 50 percent of a company's Georgia corporate income tax liability. If the earned credit exceeds that limit, then the unused credit can be carried forward for up to 10 years and applied to future years' tax liability.
Companies should compare the benefits of the investment tax credit with those of the job tax credit, as taxpayers are allowed to claim one or the other, but not both.
For a more comprehensive list of currently available Georgia tax credits, please click here.
GROW IT SWEETER WE GROW IT SWEETER
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