Are you missing out on tax credits?
Thu, 04 Apr 2013 01:45:13 GMT —
Tax season is here and many southwest Georgia businesses are eligible to receive thousands in tax credits, except many don't know it.
For our Facebook story of the day people wanted to know which counties are eligible for the job tax credit.
Companies in tier one counties can earn up to $4,000 in tax credit for every new job they've created over the last year.
Dougherty, Tift, Irwin, Terrell, and Ben Hill Counties are all considered tier one counties based on unemployment rate, per capita income and the percentage of residents whose incomes are below the poverty level.
Businesses in these areas are eligible if they have created at least two full time permanent positions and are in the manufacturing, telecommunications, broadcasting, warehousing, processing, or tourism sectors. Service industries are typically excluded from the job tax credit.
However, every business in Ben Hill County, including those in the service industry, is eligible for the tax credit. This is because the area is considered one of Georgia's 40 least developed counties.
Over the past year, the company's within Ben Hill County have created more than 200 new jobs.
Amy Taylor, the CFO for Southern Veneer Products says the company added 25 jobs in 2012 and so far 10 to 15 more this year. She says they've already purchased new facilities for even more expansion.
"We're working on our product line that will allow us to diversify our product base and hire at least 25 to 30 more people," said Amy Taylor, CFO Southern Veneer Products.
Like Taylor, the CEO of the American Blanching Company, is also seeking to take advantage of the tax credits.
"In the last 18 months we have experienced significant growth about 150 jobs in Fitzgerald," said Jack Warden, President and CEO of the American Blanching Company.
He says hopefully as they introduced new products, there'll be even more job creation, which means more tax credits and even more jobs. For more information about eligibility requirements for the job tax credit, log on to www.georgia.org and search for job tax credit.