Happy Friday! Alright, so we’r
e posting a lot of crucial information about income tax credits that apply here in the state of Georgia. We will condense it for these posts, but it is very important that you consult a financial advisor to help further understand these tax credits. Okay, we’re going to start with Job Tax Credit, this is a credit for any business or headquarters engaged in manufacturing, warehousing and distribution, broadcasting, processing, telecommunications, tourism, or research and development industries. The value of the job credits for these businesses are determined by how many jobs are made and where, as far as the county which these jobs were created. Counties and census tracts are ranked based on 3 factors: unemployment rate, per capita income, and percentage of residents whose incomes are below poverty level. They are ranked into 4 “economic tiers”. In Tier 1, ranked 1stthrough 71st in the state’s least developed counties. Companies creating 5+ jobs may receive a $4,000 tax credit per job. In Tier 2, 72nd through 106th, companies that create 10+ jobs may receive a $3,000 tax credit per job. In Tier 3, 107th through 141st, companies creating 15+ jobs may receive a $1,750 tax credit per job. In Tier 4, 142nd through 159th, companies that create 25+ jobs may receive a $1,250 tax credit per job. These credit amounts are applicable to any new jobs that were created on or after 1/1/2001.