Georgia Tax Credits
Georgia Income Tax Credits – Are they in your wallet?
09.15.2014 The State of Georgia provides over 30 income
tax credits for a broad variety of business activities. Income tax credits have many nuances and generally
target specific regions, industries, and business activities.
State policy makers enact tax credits as an incentive for
economic stability and growth. Georgia’s
initial tax credits were enacted in the early 1990s, and almost every year
since inception the credit laws have been enhanced, modified or revised. What began as a job creation tax credit for
the 40 lesser developed counties of the state has grown into over 30 cash
saving tax credits that are quite often overlooked by businesses.
Is your company taking full advantage of tax credits for which
you are eligible? If you’re not sure,
consider some of the activities that may trigger Georgia Income tax credits:
Research and development expenses
Employer provided training
Employer provided childcare
Employer provided transportation
Utilizing the Georgia Ports
Purchasing low or zero emissions vehicle
Installation of electric vehicle charger
Qualifying film or entertainment production
Installation of clean energy property
Donation of real property that qualifies as
Qualified educational expenses
Employer qualified health insurance expenses
Qualified “Angel” investor
Georgia is considered “business friendly.” This simply means
the state provides options - in some circumstances - for utilizing tax
credits. In most cases the credits are
used to offset the income tax liability, but some credit policies allow for the
credit to offset Georgia employer’s withholding tax. There are also some tax credits that may be
sold or transferred to another Georgia taxpayer. As mentioned above, there are a number of
nuances to the Georgia tax credits and it may benefit you to seek assistance
from a professional with experience in this area.
We assist companies with the identification,
quantification and tax planning for the utilization of Georgia tax credits. If you would like to consult with one of our
State and Local tax experts please contact John Corn at 404.253.7444.