What Is a Disability Tax Credit?

Macon, United States. A city in central Georgia across the Okumrji River, 125 kilometers southeast of Atlanta.

Macon

(U.S. cities)

Right!

Macon,

With a population of 150,000, blacks account for more than a third. Built in 1823. Transportation hub. In the early days, the cotton weaving industry has developed. In addition to the developed textile industry, there are also a variety of industries such as agricultural machinery, automobile and aircraft parts, fertilizers, flour, food processing, and pottery (quality ceramics produced nearby).

Tax incentives

First: single factor allocation method

Macon is located in Georgia and enjoys all Georgia investment incentives. In 2005, Georgia became the first state in the Southwest to adopt the single-factor gross income distribution method. This method only uses the company's in-state income as a tax factor for state income tax. The traditional method uses the company's state property and wages as the tax factor for state income taxes. ^[1]

Second: corporate tax credit

Including employment tax credits, port tax credit incentives, high-quality employment credits, research and development tax credits, large project credits, film and television entertainment industry credits, child health credits, and job opportunity tax credits. ^[1]

1. Employment tax credit

   This offer applies to the following industries: manufacturing, including but not limited to manufacturing new energy sources such as solar energy, wind energy, batteries, bioenergy, biofuels, electric vehicles, etc .; storage and logistics; processing; telecommunications; broadcasting; tourism; research and development; And disability services. ^[1]

2. Port tax credit incentives

   The offer applies to businesses that meet the conditions of the employment tax credit or investment tax credit (see below), use Georgia ports, and increase import and export by more than 10% within a year. ^[1]

3. Quality Employment Credit

   Companies that create more than 50 jobs with a salary of more than 110% of the county's average salary within 12 months can receive tax deductions of $ 2500-5,000 / year for each job within 5 years. ^[1]

4. R & D tax credit

   The credit amount is (R & D expenses-basic amount) * 10%. The base line is a percentage of the company's revenue in Georgia. Research and development tax benefits can continue to be deducted within 50% of the state income tax after using other benefits. ^[1]

5. Tax credits for large projects

   Those who create more than 1,800 new jobs and invest at least $ 450 million or pay more than $ 150 million per year can apply for a tax credit of $ 5,250 per year within five years. ^[1]

6. Movie and TV Entertainment Credit

   Investment in specific products in Georgia that exceeds $ 500,000 is exempt from 20% of the taxable amount. $ 500,000 can be combined for one project or multiple projects. ^[1]

7. Child Health Credit

   Enterprises that purchase or build specific child health facilities can receive income tax credits equivalent to construction costs. ^[1]

8. Employment opportunity tax credit

   The project is being implemented by the federal government and aims to promote the private sector to hire more people from nine groups in need of employment. Participating businesses can receive a federal tax credit of $ 1200-9000 per employee. ^[1]

Third: tax exemption

1. Sales and use tax exempt

   Georgia exempts state sales and use taxes on a range of products and services, such as manufacturing machinery and equipment, industrial machinery maintenance, industrial materials and packaging, energy used in manufacturing, basic materials processing equipment, pollution control equipment, and high-tech companies. Computer software and hardware, room cleaning equipment, water, telecommunications services, etc. ^[1]

2. Duty Free Stock

   Business inventory is exempt from state property taxes. More than 60% of Georgia counties and cities have implemented a first-tier free port tax exemption policy, exempting the following property taxes on movable assets: raw materials, semi-finished products and inventory for manufacturing or production; goods stored in Georgia for less than 12 months after production; Finished products stored in Georgia warehouses and docks on the 1st and shipped to out-of-state states within 12 months. ^[1]

Talent Encouragement Policy

First: Recruitment assistance

The Georgia Department of Labor helps companies recruit by posting recruitment information, collecting and reviewing application materials, providing interview venues, arranging interviews, and organizing job fairs. The Office also cooperates with private recruitment agencies. ^[1]

Second: "Quick Start" Staff Training

"Quick Start" is a well-known labor training program in the United States. This project helps companies evaluate, select, and train the right people at the right time. Companies that start or expand manufacturing, distribution, headquarters, and customer service operations in Georgia can enjoy the following services for free: workforce strategy consulting; pre-recruitment assessments; customized on-the-job training; leadership and productivity improvement training. ^[1]

Third: "Building Georgia"

The project disseminates knowledge to young people and the public on topics such as wages, lifestyles, employment benefits, etc. to eliminate misunderstandings and help residents or technicians become experienced retailers and craftsmen. ^[1]

Fourth: Retraining tax credits

Investment directly invested in training can be used to offset the tax liability. This policy applies to all Georgia income taxpayers. Within the limit of 50% of the cost for retraining full-time employees, the company can deduct $ 500 tax per person per year according to the number of employees. ^[1]

Fifth: "Help Outstanding Students" Scholarship Program

The program provides financial support to students attending colleges and universities and public vocational colleges in Georgia, and to subsidize tuition for Georgia residents to study in state technical colleges, regardless of their high school grades and when they graduate. ^[1]

Sixth: Georgia State University System Economic Development Project

The University of Georgia system established the Office of Economic Development in 1995 to promote cooperation between Georgia's 31 public institutions of higher learning and the Georgia Department of Economic Development and the business community in intellectual resources. ^[1]

Other incentives

First: Small Business Services

Georgia allows accelerated depreciation of machinery. In addition, Georgia can provide loan guarantees for businesses developing in specific rural communities, with guarantees ranging from $ 35,000 to $ 250,000, to purchase assets or serve as startup capital. The guarantee requires the borrower to contribute at least 10%. ^[1]

Second: Free Trade Zone

Georgia has multiple free trade zones. The project optimizes the import and export trade process, reduces costs, and allows companies to postpone, reduce or exempt customs duties on imported materials. ^[1]

Third: One-stop environmental permit

Georgia provides a convenient service for businesses to apply for federal and state environmental permits. The Environmental Protection Department of the State Department of Natural Resources can issue all permits that comply with the law, including air quality control, water quality control, hazardous materials management, solid waste management, and sewage land permits. ^[1]

Incentives for invested companies

First: investment tax credit

Georgia's existing companies have operated manufacturing or telecommunications facilities in the state for three years, and new manufacturing or telecommunications facilities have invested more than $ 50,000, and can apply for a tax equivalent to 1% -5% of the investment amount. ^[1]

Second: optional investment tax credit

Taxpayers who meet the requirements of the "investment tax credit" with an investment amount of at least 5 million to 20 million US dollars (depending on the investment region) can apply for "optional investment tax credit". The project's duration cannot generally exceed 3 years unless the express written permission of the Georgia Revenue Service is obtained. ^[1]

Third: Innovation Center Project

Georgia Innovation Center provides linkage and innovation solutions to six strategic industries of aerospace, agriculture, energy, life sciences and IT, logistics and manufacturing, such as contacting universities and technical colleges, business resources, technical assistance, subsidized funds, industry contacts and Government agencies, etc., help companies in the state reach the industry's top experts and achieve efficient growth. ^[1]

Georgia's pillar industries are: aviation, agriculture, arts, automobiles, contact centers, data centers, defense, energy and environment, entertainment, financial services, food processing, headquarters, information technology, life sciences, transportation and logistics, manufacturing and tourism. ^[1]