Michelle Shaw, Assistant Director at the Georgia Department of Economic Development, recently spoke to representatives from several local businesses about incentives available in the State of Georgia. Her presentation during the “Show Me The Money” Industry Breakfast was held Thursday, May 26, at the Economic Development Commission offices at the Cook County Airport.
Businesses that were represented at event were: Adel Ice Company, Bell Plantation, Custom Ag Formulator, Elite Structures, Lariat Steel, Machine & Tool Manufacturing Company, Micro Chem, Quick Consulting, Shivers Utility Trailers, Steel Building Systems, Patten CPA, Vulcan Steel Structures, Adel-Cook County Chamber of Commerce, and Cook Community Bank.
Mrs. Shaw pointed out that site consultants and companies consistently rank Georgia as Americaʼs top state for business. Robust tax credit programs can reduce (or even eliminate) a companyʼs state corporate income tax for several years. Additional incentive programs include Georgia Quick Start, ranked the No. 1 workforce training program in the country.
Georgiaʼs tax climate provides a cost advantage before any tax credits are earned. Georgia has a business-friendly approach to the corporate tax structure - from not altering the low 6 percent corporate income tax rate since 1969, to adopting a single-factor gross receipts apportionment formula in 2005.
Each year, all 159 Georgia counties are assigned to one of four “tiers” based on the unemployment rate, per capita income, and poverty rate. Once a company has qualified to earn Job Tax Credits, it can earn a tax credit for each net new job it creates (and maintains) during the next five years. Each of those jobs can earn an annual credit for five years after it is created.
Cook County is included among the Tier 2 counties. Under this formula, if you create 50 jobs in a Tier 2 county that offers a $3,000 credit, you will receive $750,000 in tax credits over five years to reduce or eliminate Georgia corporate income tax (50 jobs X $3,000 X 5 years = $750,000).
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