This credit applies to businesses or headquarters of a business engaged in manufacturing, warehousing and distribution, processing, tourism, or research and development industries: it does not include retail businesses. When your company creates 15 or more new jobs, you can receive a $1,750 tax credit for 5 years for each new job created. To be eligible, the company must also:
provide an average wage that is 10% higher than the average wage in the lowest Georgia County ($362 in 2006)
make comparable health insurance available to new employees
Credits are allowed for each full-time employee job for five years beginning with years two through six after the creation of the job. Each credit cannot be more than 50% of the taxpayer's total state income tax liability for that taxable year. A credit claimed but not used in any taxable year may be carried forward for 10 years from the close of the taxable year in which the qualified jobs were established.
Special Headquarters Tax Credit
Provides a special one time job tax credit for new corporate headquarters facilities that employ 50 or more persons in new full-time jobs and incur, within one year, a minimum of $1 million in the state in construction, renovation, leasing or other costs related to such establishment or relocation. ["Headquarters" means the principal central administrative office of any taxpayer or their subsidiary.]
The tax credit will be:
$3,000 per new full-time job when the average wages of these jobs are at least 10% over the current average wage in Chatham County ($695 in 2006).
$5,000 when the average wages of these jobs are 200% or more of the average wage of the county.
This credit may be taken for the first five years of the new job, and is available for jobs created in the first seven years from the close of the taxable year in which the taxpayer first becomes eligible. Where the credit exceeds a taxpayer's liability for such taxes, the excess may be taken as a credit against the taxpayer's quarterly or monthly payments. Unused tax credits may be carried forward for 10 years.
Child Care Tax Credit
Employers who provide or sponsor childcare for full or part-time employees are eligible for a tax credit of 75% of the direct cost of operation to the employer less any payments made to the employer.
The credit cannot exceed more than 50% of the taxpayer's total state income tax liability for that taxable year. Any credit claimed but not used in any taxable year may be carried forward for five years from the close of the taxable year in which the cost of the operation was incurred.
Also available is a credit that allows you to deduct 10% of the cost of building/equipping a day care facility over 10 years (100%).
