Assistance for Georgia’s Existing Industries
In addition to qualifying for all incentive programs that new businesses do, existing Georgia firms can take advantage of several unique programs.
EXISTING INDUSTRY JOB TAX CREDIT BONUS
Companies that have been doing business in Georgia for at least three years can claim a one-time additional $500 tax credit for every net new job.
INVESTMENT TAX CREDITS
Existing Georgia companies that have operated a manufacturing or telecommunications support facility in Georgia for at least three years, and make a minimum $50,000 additional qualified capital investment, may claim from one percent to eight percent of the qualified investments as a tax credit. Higher credits (three percent to eight percent, depending on tier status) are available for investments in recycling or pollution control equipment and for defense plant manufacturing conversion to a new product. Taxpayers must choose either the investment tax credit or the job tax credit. This credit may be applied against 50 percent of state corporate income tax liability and carried forward for 10 years.
GEORGIA CENTERS OF INNOVATION
The Centers of Innovation provide over 1,500 businesses each year industry expertise, research and partnerships for global competition and growth opportunities. They provide value-added services that assist Georgia companies in developing new products, services and markets through relationships with state, federal and private institutions that comprise the Georgia Innovation Ecosystem.