Time-critical 2014 Job Tax Credit ranking details have been released by the Georgia Department of Community Affairs (click here). Also, please note:
- Census Tracts have changed: due to the transition from the 2000 Census boundaries to the 2010 Census boundaries, your clients’ locations may be impacted. This applies to Less Developed Census Tract, Opportunity Zone, and Military Zone tax credits.
- A Notice Of Intent may need to be filed to maintain your client’s tier, zone, or Less Developed Census Tract designation — the form must be filed by Feb. 15, 2014 (click here).
So please remember to review your clients’ plans for 2014. Job Tax Credits may be available if they plan to increase employment levels, open new or change locations in Georgia, or buy another company.
Your clients may be coming out of the recession (well, some of them!) andincreasing their headcounts. These employment increases may qualify for a Georgia job tax credit (or one of its variations). But first you need tocarefully analyze the details to determine if there is potential.
Here are some items to check when reviewing your client’s potential:
- Job Tax Credit – If your client has utilized the job tax credit in the past, then the new headcount monthly average for the year must be an increase over the previous largest average (click here for details).
- Opportunity Zone – This location-based tax credit for any business type is popping up all over Georgia. The headcount increase must be within the designated date range. For example: Commerce, Georgia’s Opportunity Zone was started February 5, 2013 (clickhere for details).
- Less Developed Census Tract – This location-based credit for designated Business Enterprises may change annually. In addition, the 2010 Census boundaries may have changed your client’s eligibility (click here for 2013 details).
- Military Zone – This location-based tax credit for any business type could also change annually and is based on the 2010 Census boundaries (click here for details).
Clients always appreciate it when you find extra $$ from state credits and incentives. So when your clients add jobs, help them make it really count!