BUSINESS TAXES AND INCENTIVES
Hart County’s pro-business leadership understands the importance of maintaining a low taxpayer burden and have a proven track record of systemically lowering taxes. As of 2008, Hart County has the lowest unincorporated ad valorem tax rate in Georgia. Incentives to new and existing businesses are offered to encourage investment and the creation of new jobs. Additional assistance is available for qualified businesses. For more information contact Dwayne A. Dye at (706)856-2452 or Email
GEORGIA'S CORPORATE INCOME TAX
Beginning January 1, 2008, manufacturing, sales and service companies doing business in Georgia may use a "Single Factor Gross Receipts" apportionment formula. This provides a significant reduction of Georgia income taxes for companies that produce goods or services within the state of Georgia and sell those products or services to customers in other states. This change was designed to encourage companies to invest or expand in Georgia. > Download Georgia House Rule Bill 191.pdf.
INCENTIVES FOR JOB CREATION & INVESTMENT
Job Tax Credits
Hart County, Georgia's Business Expansion Support, in combination with active participation in a Joint Development Authority, provides qualified businesses in Hart County job tax credits of $3,000 each year for five years for each new full time job created. Companies can qualify for this credit if they create 15 new jobs in a year and are engaged in manufacturing, processing, distribution or headquarters activities.
Port Job Tax Credit Program
Georgia's Port Job Tax Credit Bonus is a $1,250 per job bonus for businesses that already qualify for the regular job tax credit and have an increase in shipments into or out of a Georgia Port.
Example: $1,250 x 15 new jobs x 5 years = $93,750 in tax credits
Job Tax Credits and the Port Job Tax Bonus Credits earned in Hart County may be used to offset up to 50% of a company's Georgia corporate income tax liability in any taxable year following the year in which the credits are earned. Credits not used may be carried forward and applied for up to 10 years.
Strategic Industries Tax Credit
In 2005, the Georgia Legislature approved a Strategic Industries Tax Credit that allows for a $500 per job tax credit bonus for each new full-time position created by existing business enterprises that have been headquartered in the state for three or more years. Additional credits are available for equipment, capital investments, retraining employees, childcare, R&D, and small business growth companies. See Georgia Business Development Incentives.
INVENTORY TAX EXEMPTION (FREEPORT)
Hart County allows a 100% Freeport tax exemption (ad valorem) for the following classes of inventory:
• Raw materials and goods in process of manufacture
• Finished goods produced in Georgia
• Finished goods destined for shipment out-of-state.
TAX EXEMPT FINANCING - INDUSTRIAL REVENUE BOND (IRB)
Tax exempt bond financing is available for companies seeking to finance the purchase of land, buildings and equipment for eligible manufacturing projects. Rates for tax-exempt bonds are market-based and established on the credit and strength of the individual company and projects. Tax-exempt IRB financing up to $10MM on a project, subject to certain federal tax law limitations
SALES AND USE TAX AND EXEMPTIONS
Hart County and State of Georgia Sales Tax totals 7%. Georgia Law provides a 100% sales and use tax exemption for qualified purchases including: • raw materials • goods intended for resale • qualified machinery used directly in the manufacture of tangible personal property • material handling equipment used in qualified distribution businesses.
For Economic Development information: Dwayne A. Dye at (706)856-2452 or Email