$4,000 tax credit available for eligible ACC businesses
- Classic City News
- Nov 30, 2021
- 1 min read
Any lawful business of any nature located within Athens-Clarke County that created at least 2 new net full-time jobs in the past tax year may be eligible for a $4,000 per job tax credit through the Georgia Job Tax Credit Program. The credit can be taken for five years, beginning with tax year 2020-2021 (when they were created) and for the four immediately succeeding taxable years. The jobs must be newly created within this 2020-2021 tax year, require a minimum of 35 hours worked/week, offer health insurance upon employment, and pay an average wage of at least $589/week or $30,628/year (as of June 2021). To claim the credit, complete the IT-CA 2012 Georgia Job Tax Credit Form linked below and attach it to the Georgia Income Tax Return for your business when you submit it to the state. Please note that Athens-Clarke County is classified as a Tier 1 county ($3,500 tax credit) and participates in a Joint Development Authority (JDA - $500 bonus tax credit), so the available tax credit is $4,000 per eligible job created.
Link to the IT-CA 2012 Georgia Job Tax Credit Form (on ACCGov website)
Overview of the Georgia Job Tax Credit Program (on GA Department of Community Affairs website - direct link: https://www.dca.ga.gov/sites/default/files/job_tax_credits_flyer.pdf)
- From the Athens-Clarke County Economic Development Department
That tax credit could really make a difference for eligible ACC businesses, especially those eager to upgrade their operations or invest in smarter tools. Incentives like this are a great way to motivate small and mid-sized companies to innovate and boost their efficiency. By implementing systems like equipment management software, these businesses can make the most of those funds, streamline their workflows, cut down on losses, and enhance overall productivity.
A $4,000 tax credit can be a game-changer for eligible ACC businesses, helping offset expenses and reinvest in growth. Coupling this opportunity with a reliable business banking account makes managing funds and tracking credits much smoother, ensuring businesses can take full advantage of incentives while keeping finances organized and transparent.