How Job Tax Credits Work in Tier 1 Counties
If your business is located in a Georgia Tier 1 County like Clayton, Spalding, Macon, and Jefferson and is in one of the following qualified industries:
- Services for the disabled or elderly
- Research and Development
and creates at least 2 new jobs, then your business is entitled to receive job tax credits.
How Job Tax Credits Benefit Businesses in Tier 1 Counties
When businesses in Tier 1 counties hire at least 2 new full time employees, then that business:
- Can earn $4,000 per full time employee for 5 years.
- 100% can be used to offset Georgia income tax liability.
- Tax credits can flow through to the shareholders’ personal income tax returns (if applicable).
- Excess credits can be converted into withholding tax credits.
- Any unused tax credits can be carried forward for 10 years.
Job Tax Credit Growth over 5 Years
By hiring 2 full time employees at $3,500 per employee, per year, over 5 years; your business could earn up to $35,000 in tax credits at the end of that 5 year period.
Does Your Business Qualify?
There are 72 counties in Georgia that are classified as Tier 1 counties. If you want to know if your business is in a Tier 1 county, call us at 855-668-7227 or email us at email@example.com.