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The Polk County Chamber of Commerce

Development Authority of Polk County

770-684-8760

Rockmart Office
133 South Marble Street
Rockmart, GA 30153

Cedartown Office
609 S. Main Street
Cedartown GA 30125
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Incentives

Your company’s success in Polk County is our main goal. Our attitude is “CAN, DO and Will”. We believe firmly that your investment in our community should be accompanied by a winning attitude that will make you happy you Choose Polk County. Everything from Fast-track permitting, aggressive financing methods, business advocacy and creative problem solving are available to the right project. Bottom line – Polk County’s Economic Development Team Can Does and Will do what it take to earn your companies trust and investment, that’s our job.

Local Incentives

• Property Tax Abatement - Property tax abatement is available on a case by case basis according to a formula based on total dollar amount of the project in land and building, total number of jobs and average wage of employees at this facility. 

Our Development Authority, by holding title to the land and building, has the ability to offer the following standard 5-year phase-in tax incentive plan on the land and building only:
0% Ad-Valorem Tax on land and building for Year 1
20% Ad-Valorem Tax on land and building for Year 2
40% Ad-Valorem Tax on land and building t for Year 3
60% Ad-Valorem Tax on land and building for Year 4
80% Ad-Valorem Tax on land and building for Year 5

100% Ad-Valorem Tax on land and building for Year 6

The Authority is willing to discuss adjustments, including personal property, to our standard Tax Incentive package in order to accommodate specials needs or special projects.

• Freeport Inventory Tax Exemptions - Raw materials and goods in process of manufacture, finished goods produced in Georgia within the last 12 months and held by the original manufacturer and finished goods destined for shipment out-of-state are all eligible for a 100% property tax exemption when destined for shipment outside Georgia. The deadline for filing an application for Freeport exemption with the Board of Tax Assessors is April 1 to receive the full exemption.

• Fast Track Permitting - We know that – because of a relatively short development window to have a project “up and running” – fast track permitting is often critical to the success of a project. Our permit inspectors will work directly with the company to ensure that construction timetables are met and that construction-related delays are minimized.

Financing through Industrial Revenue Bonds & Leaseback Agreements & PILOT Bonds – Our Development team can create custom financial arrangements that will allow the leverage the most advantageous financing methods available.

• Other incentives including local fee waivers and special projects may available on a case-by-case basis.

State Level Incentives

A number of tax credits are offered by the State of Georgia for qualifying businesses under Georgia’s Business Expansion & Support Act (BEST). BEST incentives include:

Job Tax Credit

Job tax credits are available to a business or to its headquarters engaged in any of the following six categories.Taxpayers may choose between job tax credits or investment tax credits.

  • Manufacturing
  • Telecommunications
  • Warehouse Distribution
  • Research & Development
  • Processing
  • Tourism

 

Job tax credits in Polk County are $4,000 per job each year for 5 years. (Polk County is a Tier 1 County and qualifies for $3,500 plus an additional $500 for being a member of a Joint Development Authority.)

Example: Taxpayer creates 50 jobs in Polk county receiving a $4,000 credit; receives $1 million in tax credits over 5 years to reduce or eliminate Georgia income tax [50 jobs x $4,000 x 5 years = $1 million ($875,00 can be applied toward employee withholding, see below].

Job tax credits in Polk county can be used against 100% of Georgia Corporate income tax liability. Up to $3500 per job per year for five years may be applied toward employee Georgia income tax withholding liability. Unused job tax credits may be carried forward ten years.

A qualifying industry must create at least 5 jobs to be eligible for the Jobs Tax Credit

Port Job Tax Credit Bonus. The port tax credit is a $1,250 per job bonus for taxpayers with large increases in shipments out of a Georgia port. The $1,250 is added to the job tax credit [above].

Example: Taxpayer creates 67 jobs in Polk County. Taxpayer is eligible to receive the port bonus, adding $1,250 to $3,000 job tax credit for total credit of $4,250 for each job. Taxpayer is eligible for $1,423,740 in tax credits spread over 5 years to reduce or eliminate Georgia income tax: [67 jobs x $4,250 x 5 years = $1,423,740].

 


• Investment Tax Credit –

Investment tax credits are generally 3% of qualified capital investment. Investment tax credits are available to an existing manufacturing or telecommunications business that has operated a facility in Georgia for three years prior to the investment and invests $50,000 or more. Higher level credits are 5% for investment in recycled equipment, pollution control equipment, and for the conversion of a defense plant to manufacturing of a new product. The recycle, pollution control, and defense conversion options are available only for manufacturing plants. Taxpayers must choose either the investment tax credit or the job tax credit.

Example: Taxpayer in  Polk county invests $100 million in a manufacturing plant plus $25 million in recycling equipment. Taxpayer is eligible for a $4.25 million tax credit to reduce or eliminate Georgia income tax. [$100 million x 3%] + [$25 million x 5%] = $4.25 million.

Investment tax credits can be used against 50% of income tax liability in a given year. Unused credits may be carried forward 10 years.

Port Investment Bonus is available to taxpayers with large increases of shipments in or out of a Georgia port. The port bonus increases the investment tax credit to 5%. The 5% is in lieu of the investment tax credit. The port bonus is limited to 50% of income tax liability. Unused credits may be carried forward 10 years.

Example: Taxpayer qualifies for a port bonus, invests $100 million in a manufacturing plant plus $25 million in recycling equipment. Taxpayer is eligible for a $5.75 million investment tax credit to reduce or eliminate Georgia income tax: [$100 million x 5% ] + [$25 million x 5% ] = $5.75 million. The port bonus cannot be added to the higher tax credits such as recycling.



• Childcare Tax Credit – Employers who provide or sponsor childcare for employees are eligible for a tax credit of up to 75% of the employers’ direct cost. In addition, employers who purchase qualified childcare property will receive a credit totaling 100% of the cost of such property. The credit is claimed at the rate of 10% a year for 10 years. Additional information on this credit can be obtained from the Georgia Department of Revenue.

• Manufacturing Machinery and Computer Sales Tax Exemptions – The following are exempted from sales and use tax:

1. Machinery used directly in the manufacture of tangible personal property when the machinery is bought to replace or upgrade machinery presently existing in the state and machinery components which are purchased to upgrade machinery used directly in the manufacture of tangible personal property in a manufacturing plant.

2. Machinery used directly in the manufacture of tangible personal property when the machinery is incorporated as additional machinery for the first time into an existing manufacturing plant in the state.

3. Machinery used directly in the manufacture of tangible personal property when the machinery is incorporated for the first time into a new manufacturing plant located in the state.

4. Machinery used directly in the remanufacture of aircraft engines, parts, and components on a factory basis.

5. On the first $150,000 on each part and phased in at 20% increments from January 1, 2001 to January 1, 2005, the sale or use of repair or replacement parts, machinery clothing or replacement machinery clothing, molds or replacement molds, dies or replacement dies, and tooling or replacement tooling for machinery used directly in the manufacture of tangible personal property into an existing manufacturing plant in the state.

• Primary Material Handling Sales Tax Exemption – Purchases of primary material handling equipment and racking systems which are used directly for the storage, handling, and moving of tangible personal property in a new or expanding warehouse or distribution facility when such new facility or expansion is valued at $5 million or more and does not have greater than 15% retail sales are exempt from sales and use.

Further information on BEST can be found here:

• QuickStart Training - Georgia's Quick Start program is nationally recognized as providing customized, world-class training for new and expanding industries and businesses.

• Hope Scholarship/Hope Grant - In Georgia, HOPE (Helping Outstanding Pupils Educationally) rewards students’ hard work with financial assistance in degree, diploma or certificate programs at any eligible Georgia public or private college, university or technical institute. Financial assistance includes tuition, mandatory fees, and a book allowance. There are no family income restrictions. To qualify, the student must be a Georgia resident, have graduated from high school in 1993 or later, and earn a "B" average. The scholarship may be renewed when meeting required conditions. Non-traditional students, including General Education Development (GED) recipients, may be eligible to receive a HOPE Grant to cover tuition, approved mandatory fees and a book allowance to seek a technical diploma or certificate at a public post secondary institution in Georgia if they meet the program's eligibility requirements.

Quicklinks

State of Georgia Incentives -> http://www.georgia.org/Business/Incentives/Financial+Assistance.htm

DCA Tax Credits -> http://www.dca.state.ga.us/economic/TaxCredits/programs/taxcredit.asp

Georgia Quickstart ->http://www.georgiaquickstart.org/

Georgia Hope Program =->http://www.dtae.org/hope.html

 

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