Georgia is the #1-ranked state for opportunity zone credits for businesses for the last seven years. As of 2019, there are over 40 state and local tax credits available to Georgia-based businesses.
The most aggressive and lucrative tax credits available are the Job Tax Credit and Quality Job Tax Credit programs. These tax credit programs allow companies to offset 100% of their state withholding tax liability.
Recognizing the rapid economic development potential for Georgia businesses, CTA now offers full-service expertise in computing and substantiating these opportunity zone credit incentives. The Atlanta office of CTA has added two state and local tax credit experts with over 20 years of experience to help Georgia businesses in obtaining these tax credits.
Job Tax Credits - Georgia businesses located in a tax incentive zone can qualify to receive up to $3,500 per qualified job, per year, for five years. This totals up to $17,500 per qualified job. Qualifying for the Job Tax Credit allows the business to apply for an additional $500 to $1,750 in bonus tax credits per year, for five years.
Quality Job Tax Credits - Georgia businesses that are creating high paying jobs can receive up to $5,000 per job per year for 7 years, totaling up to $35,000 per qualified job.
|
Job Tax Credits |
Quality Job Tax Credits |
Maximum Credit Available Per Job |
$3,500 |
$5,000 |
Number of years tax credits received |
5 years |
7 years |
Joint Development Tax Credit |
$500 |
$0 |
Port Active Tax Credit |
$1,250 |
$0 |
Income Tax Liability Usage |
100% |
100% |
Withholding Tax Usage |
100% |
100% |
Carry Forward |
10 Years |
10 Years |
Must be in tax incentive zone |
Yes |
No |
How Job Tax Credits Work over 5 Year Period |
|||||
|
Year 1 |
Year 2 |
Year 3 |
Year 4 |
Year 5 |
Year 1 Jobs |
25 |
25 |
25 |
25 |
25 |
Year 2 Jobs |
|
20 |
20 |
20 |
20 |
Year 3 Jobs |
|
|
10 |
10 |
10 |
Year 4 Jobs |
|
|
|
5 |
5 |
Year 5 Jobs |
|
|
|
|
-5 |
|
|
|
|
|
|
Total Jobs |
25 |
45 |
55 |
60 |
55 |
Base Credits ($3,500 x total jobs) |
$87,500 |
$157,500 |
$192,500 |
$210,000 |
$192,500 |
Joint Development Authority Bonus ($500 x total jobs) |
$12,500 |
$22,500 |
$27,500 |
$30,000 |
$27,500 |
Port Activity Bonus ($1250 x total jobs) |
$31,250 |
$56,250 |
$68,750 |
$75,000 |
$68,750 |
Total Job Tax Credits Per Year |
$131,250 |
$236,250 |
$288,750 |
$315,000 |
$288,750 |
Total Job Tax Credits Over 5 Years |
$1,260,000 |