SUMMARY:

            This bill would amend Article 2 of Chapter 7 of Title 48 of the O.C.G.A. to give income tax credits for business enterprises in less developed areas, for employers providing approved retraining, for businesses having qualified research expenses, for base year port traffic, and for businesses establishing or relocating headquarters in GA.  The goal of this legislation appears to be recruitment of new business and retention of current businesses.

REQUIREMENTS:

• This measure would be an incentive for businesses to relocate or expand some or all of their operations in Georgia.
• The bill would move up the tax credit from years 2-6 as currently allowed to the first year the new job is created and for 4 succeeding years.
• However, should employment increases not meet the requirement for the tax credit, the taxpayer would have to forfeit 20% of the credit claimed in each year that the requirements were not met.
• Existing businesses would qualify for the tax credit for increases in employees, in like manner.