Alright, last post to follow up the first 2. We apologize for the length, but it’s a lot of information to cover. Okay so we’ve got Research and Development Tax Credit along with Sales and Use Tax Exemptions. We’ll try to make it short and sweet. So with research and development, a tax credit is allowed for research conducted within Georgia for any business engaged in manufacturing, broadcasting, processing, warehousing and distribution, research and development industries, tourism, or telecommunications. Credit earned is the portion of the increase in research and development spending. This credit can then be used to offset up to 50% of net Georgia income tax liability, after all other credits have been applied. Any unused Research and Development Tax Credits can be carried forward for no more than 10 years.
Sales and Use Tax Exemptions offer companies to purchase various goods and services tax free as a way to help lower their cost of doing business. Manufacturing plants play a big role here. Equipment, repair/replacement parts, energy, materials, among other factors, which are essential in the manufacturing process and used in a manufacturing facility in the state of Georgia are exempt from sales tax. That concludes our brief overview of a few tax credits that are available for you in the state of Georgia. We strive to help our clients out with any questions regarding taxes or any financial plans, so feel free to contact us. Have a nice day.