New Manufacturing Facilities Property Credit
On this page find information and instructions for claiming the New Manufacturing Facilities Property Credit.
- Tax Credit Code: 120
Summary
This is an incentive for a manufacturer who has operated a manufacturing facility in this state for at least 3 years and who spends $800 million on a new manufacturing facility in this state. There is also the requirement that the number of full-time employees equal or exceed 1,800. However, these jobs do not have to be new jobs to Georgia. An application is filed which a panel must approve. The benefit awarded to a manufacturer is a credit against taxes equal to 6 percent of the cost of all qualified investment property purchased or acquired. The total credit allowed is $50 million. The credit offsets income tax liability and any excess may be used to offset withholding taxes. There is a 15-year carry forward of any unused tax credit. For taxable years beginning on or after January 1, 2025, any credits generated but not used may be carried forward for 10 years. There are different provisions for certain high-impact aerospace defense projects.