State Of Georgia Jobs Tax Credit
State of GeorgiaJobs Tax CreditHouse Rural Development CouncilAugust 14 – 15, 2018
Site Selection SurveyConsultant Response2018 Survey Results(% Very Important)Corporate Response(% Very Important)1. Availability of Skilled Workforce95.088.82. Highway Accessibility70.091.33. State and Local Incentives63.381.3 (9th)4. Labor Costs60.091.15. Availability of Land60.076.96. Proximity to Major Markets53.384.67. Tax Exemptions45.085.9 (5th)8. Corporate Tax Rate33.383.29. Occupancy and Construction Costs26.785.910. Quality of Life10.287.2Source: Area Development magazine, 32nd annual Corporate Survey and 14th annual Consultants Survey, 2018.
Jobs Tax CreditTierTax Credit New Jobs(per job / 5 yrs)(Min)Use of Credits**CarryForward10 yrs1 4,000*2100% of tax liabilityExcess to withholdingup to 3,5002 3,000*10100% of tax liability10 yrs3 1,750*1550% of tax liability10 yrs4 1,250*2550% of tax liability10 yrs40 4,000*2100% of tax liabilityExcess to withholding10 yrsMZ /OZ 3,5002100% of tax liabilityExcess to withholding10 yrsLDCT 3,5005100% of tax liabilityExcess to withholding10 yrsBottom*Includes 500 bonus for Joint Development Authority (JDA). There are currently 6counties that are not members of a JDA and do not qualify for the 500 JDA bonus.** Tax credits are applied to Georgia corporate income taxes.
Jobs Tax Credit – Objective(s) Original policy objective To incentivize job creation in Georgia’s most economically distressed counties To provide a competitive framework for economic development Examples of enhancements since 1991 1994 – Less developed census tracts1995 – Joint development authority bonus19xx – Retail jobs in Bottom 40 counties1997 – Telecom industry2000 – Wage requirement (% of county average, later changed to lowest wage county)2001 – Tiers 1 & 2 enabled to apply credits to 100% of tax liability (previously 50%)2006 – Existing firms eligible for one-time 500 credit enhancement2012 – Biomedical and alternative energy manufacturing
Jobs Tax Credit – Methodology Based on 3 criteria outlined in statute, equally weighted: Unemployment rate (GA Dept. of Labor, 36 mo. avg.) Per capita income (U.S. Census, 36 mo. avg.) Poverty rate (U.S. Census) Ranking determined by relative comparison to all 159 counties Tier 1 71 most disadvantaged counties, including Bottom 40 designationTier 2 35 countiesTier 3 35 countiesTier 4 18 counties Wage requirement designed to incentivize jobs that address core criteria Lowest average weekly county wage 484/week or 12.10/hour (GA Dept. of Labor)
Jobs Tax Credit – Frequently asked questions Why does my county tier change? Real change in underlying economic conditions Relative change when compared to other counties occurs often near tier breakpoints My county is Tier 1; why have we not experienced job growth? Tax credits do not create jobs Alone, tax credits do not attract employers demographics, leadership, and communityinvestment are key
Jobs Tax Credit – National landscapeMore than 30 states offer some form of jobs tax credit, all of which differ in structure andbenefits.South CarolinaMississippiAlabamaTiers based on unemployment and per capitaincome; require 10 net new jobs; credit applied tototal tax liability (50%) and carry forward 15 yearsTiers based on unemployment and per capitaincome; require 10-20 net new jobs; credit calculatedas a percentage of increase in payrollAnnual cash rebate of 3-4% of prior year payroll ofeligible employees for up to 10 years.Tier I (12) – 8,000 per new jobTier II (12) – 4,250 per new jobTier III (11) – 2,750 per new jobTier IV (11) – 1,500 per new jobTier 1 (27) –NOTE: Additional 1,000 per new job created in adesignated multi-county industrial park.Tier 3 (28) –North CarolinaFloridaTiers based on unemployment, household income,population growth, and adjusted tax base per capita;tiers used for various state incentives.Rural credit –Tier 1 (40) – requires 5 net new jobsTier 2 (40) – requires 10 net new jobsTier 3 (20) – requires 15 net new jobsUrban credit – 500 to 2,000 based on new vs.existing business, newemployment tiers, and area crimedataApplies to urban, rural, & port enhancement creditsTier 2 (27) –2.5% credit of increased payroll;requires 20 new jobs5% credit of increased payroll;requires 15 new jobs10% credit of increased payroll;requires 10 new jobsColoradoJob Growth Incentive Tax Credit for firms meetingemployment and wage criteria.JGITC –EREZ – 1,000 to 1,500 based on new vs.existing business, industry, and #of total employees20 net new jobs (FTE) with annual wage 110% avg. county wage5 net new jobs with annual wage 110%avg. county wageNOTE: Enhanced Rural Enterprise Zone defined asa) unemployment 50% above state avg.;b) per capita income 75% state avg.;c) pop. growth rate 25% state avg.;d) non-residential assessed value in lowerhalf of all counties; e) population 5,000
Jobs Tax Credit – UsageOn average, approximately9,500 new jobs per yearclaim Job Tax Credits;45% are in Metro Atlanta.
Discretionary Incentives – Past 5 years
Policy Opportunities – Guiding principles Help Georgia’s rural areas, which are underperforming metro areas Be careful of unintended, adverse consequences Encourage regional cooperation and local investment (“skin in the game”) Be responsible stewards of taxpayer funds there is no silver bullet Keep it simple
Policy Opportunities Promote regional cooperation Create alternative 1,000 Regional Economic Development Authority bonus for multi-countyagreements that involve project-specific cost and revenue sharing Allow regional industrial parks to adopt most advantageous tier ranking of participatingcounties1,600 acre mixed-use industrial parkJDA purchased initial 1,531 acres with 9 million bondTax revenue is shared accordingly based on proportion of initial investment and land share:Newton 37.5%Walton 37.5%Morgan 15.0%Jasper 10.0%Water/sewer – Newton Co. through intergovernmental agreementNatural gas – Cities of Covington, Madison, and Social Circle
Policy Opportunities Rural wage base incentive In Tiers 1 & 2, base qualifying wage on percentage of Georgia’s minimum wage:County Ranking/TierProposed Wage Base*(hourly wage)Bottom 40 9.06*( 7.25 x 1.25)Tier 1 (balance) &Tier 2 10.88*( 7.25 x 1.5)Tier 3 &Tier 4 12.10(based on lowest average weekly county wage) Rural manufacturing incentive* Subject to time limitations designed to encourage wage growth For Tiers 1 & 2, offer 500 per job bonus for manufacturing prospects Quality job tax credit Change threshold for qualifying job creation to 5 jobs for Tier 1 and 10 jobs for Tier 2
Tier 1 (40) –requires 5 net new jobs Tier 2 (40) –requires 10 net new jobs Tier 3 (20) –requires 15 net new jobs Applies to urban, rural, & port enhancement credits Alabama Annual cash rebate of 3-4% of prior year payroll of eligible employees for up to 10 years. Mississ
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