While companies will meet its first quarter of 2018 in a blink of an eye, so will Georgia’s economic growth. According to the economic forecast from the University of Georgia’s Terry College of Business, Georgia’s 2018 economy growth will outpace the national average that was predicted for 2018. Due to Georgia’s numerous economic development projects, population growth, and housing recovery, state employment will rise by 2%, with its emphasis on targeted and skilled workforce.
Combined with the rumored news of Atlanta being the second headquarter for Amazon, Georgia’s population will grow by 1.5%, surpassing the nation’s expected average of .7%. As reported by Howmuch.net, Atlanta, GA is comparable to Hong Kong SAR, contributing approximately $320B.
As you began to think about where to start your own business, look no further. While Georgia continues to flourish with population, popularity, and economic growth, the State of Georgia offers over 90 types of tax credits for Georgia-owned businesses. Simply put, your business may qualify for tax credits that diminishes your tax liability to the State of Georgia.
What are Tax Credits?
Same as individuals, business owners pay taxes, and not just income taxes. There are different types of business taxes: federal, state, and local. Depending on how you conduct your business, whether you have started hiring employees or owning different locations of your business, you will need to understand the types of taxes that you, as a business owner, will need to pay.
Tax credits, however, give businesses the opportunity to reduce state corporate income taxes. Usually, tax credits apply to 50% of company’s state corporate income tax liability. In other cases, the credits can even offset 100% of the tax liability.
Tax credits tend to be overlooked by many Georgia business owners. Though most CPAs and business owners may not be familiar with it, the State of Georgia does indeed offer these types of tax credit incentives for business owners that operate in designated tax credit zones.
What Types of Tax Credits Does Georgia Offer?
Though Georgia offers a generous amount (over 90 to be exact) of tax credits to Georgia business owners, the following tax credits are the most popular and widely given to business owners:
To find out more about credits offered by the State of Georgia, hover over “Our Services” tab at the top, then “Other Tax Credits” to learn more.
Let us know down below if you have ever heard of tax credits before or if you are planning to join us to make Atlanta your home!
For more information on Georgia Tax Credits, TRACS Group is a tax rebate and credit company that helps your CPA and your company reduce your tax liability. We are proud members of the Athens, Clayton, German-American, and Korea Southeast Business of Commerce. Please feel free to contact us at (855) 668-7227.