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Exceeding Expectations. Always. — Business Advisors and CPAs

Georgia Income Tax Credits

In these economic times, it is vitally important to maximize tax savings wherever the law permits.  Current Georgia tax law allows for various credits against state income tax, which result in a dollar for dollar reduction of income tax liability.  Below is a small sample of state tax credits currently available:
 
Credit Name Credit Description
Employer’s Credit for Approved Employee Retraining This credit allows employers to claim certain costs of retraining employees to use new equipment, new technology, or new operating systems.  It does not include retraining on commercially, mass produced software packages.
Research Tax Credit A tax credit is allowed for research and experimentation expenses incurred in state.  Research expenses are those incurred to develop a new or improved product or process.
Manufacturer’s Investment Tax Credit This credit allows a taxpayer that has operated an existing manufacturing or telecommunications facility in the state for the previous 3 years to obtain a credit calculated on expenses directly related to manufacturing or providing telecom services.  Taxpayers must apply and receive approval.
Qualified Health Insurance Expense Credit Employers with 50 or fewer employees (including those receiving 1099s) are allowed a credit for qualified health insurance expenses of $250 per employee enrolled for 12 consecutive months in a qualified plan.
 
There are countless other tax credits available for Georgia business.  For a full listing, or if you think you may qualify for one of the above incentives, please contact us.  We have enjoyed recent success filing Georgia tax credits for several of our clients.  We calculated the Employer’s Credit for Approved Employee Retraining for one of our technology clients, resulting in a credit of over $12,000.  We have also calculated the Research Tax Credit for one of our manufacturing clients and one of our pest control clients, saving them over $23,000 and $5,500 in Georgia taxes, respectively (and those numbers do not include the federal benefit we calculated).  If you would like any further information, please do not hesitate to reach out to us.  We look forward to exceeding your expectations.  Always.