The Georgia Governor signed into law House Bill 846, providing a new state tax credit beginning in 2020 and modifications to existing Georgia tax credit programs, including the following provisions:
A job tax credit of $1,250 per job for qualifying new jobs engaged in the manufacture of personal protective equipment (“PPE”) in the state in response to COVID-19. PPE includes protective clothing, helmets, gloves, face shields, goggles, face masks, hand sanitizer, respirators or other equipment designed to prevent the spread of COVID-19.
For tax years beginning in 2020 and 2021, businesses now have the option of utilizing the same full-time jobs claimed for the credit in 2019, or computing actual jobs for both the 2020 and 2021 years for purposes of calculating the jobs tax credit. This modification will result in many businesses continuing to qualify for the job tax credit in the coming years.
The bill also includes various provisions that affect business income and net worth taxes. Companies interested in determining the impact of these provisions on their business, or those wanting to take advantage of a free scoping to identify all applicable state credits and incentives, should contact Anne Yancey.