The State of Georgia offers a tax credit to encourage and supplement qualified employee retraining. This includes retraining employees to use new equipment, technology, and operating systems. In anticipation of future legislation, medical practitioners are converting to electronic medical records. The expenses, including wages, associated with retraining staff are eligible for a credit of up to $1,250 per employee. This credit can be used to offset up to 50% of your 2011 Georgia state tax liability, and any remaining amounts will roll forward for up to 10 years. If you converted to electronic medical records during 2011, or made capital investments that required retraining, we believe this is a great opportunity for you to save on taxes. Be aware that the credits are issued via a formal certificate and must be approved by a designated official from the Technical College System of Georgia.
Georgia also offers a tax credit to manufacturers and telecommunication providers who make significant investments in equipment and building expansion. The required minimum amount of investment is $50,000, and the credit varies between 1% and 5% of cost depending on your location. Unfortunately, vehicles and other mobile equipment do not qualify for this credit. If you have made, or are planning to make, any significant expenditures for replacing old equipment or additions to your building this credit could provide some relief.
If you feel like you may qualify and would like more information, please do not hesitate to contact us.