overview

Georgia Mega Project Tax Credit

The Georgia Mega Project Tax Credit rewards businesses creating a considerable number of new jobs and making significant investments within the state.  The program provides companies employing at least 1,800 net new employees, and either investing a minimum of $450 million or have a minimum annual payroll of $150 million with a credit of $5,250 per net new job per year for up to 5 years.

To qualify:

Most businesses/industries are eligible except for retail.

Businesses must either invest a minimum of $450 million or have a minimum annual payroll of $150 million by no later than the close of the sixth taxable year.

Businesses must create at least 1,800 net new full-time jobs no later than the close of the sixth taxable year.  Average wages of the new jobs must be:

  • At least 20% above such average wage for projects located in Tier 1 counties;
  • At least 10% above such average wage for projects located in Tier 2 counties;
  • At least 5% above such average wage for projects located in Tier 3 and Tier 4 counties.

Eligible full-time jobs must be:

  • Employed for a minimum of 35 hours per week;
  • With no predetermined end date;
  • Paid wages at or above the average wage of the county with the lowest average wage in the state.
Benefit:

The credit amount is $5,250 per qualified net new job.

The Georgia Mega Project Tax Credit may be used to offset 100% of a company’s Georgia corporate income tax liability. 

A company may elect to utilize any excess credits against its withholding tax by filing Form IT-WH at least 30 days before filing the original tax return.

Unused credits may be carried forward for up to 10 years.