State Releases Job Tax Credit Tiers

Local economic development officials have said that Stephens County has a more level and competitive playing field this year when it comes to state tax credits.

Last month, the Georgia Department of Community Affairs released the 2016 Job Tax Credit Tiers.

The tier ranking of a county determines how many jobs a business must create to receive a tax credit, the amount of the tax credit, and other program requirements and benefits.

Stephens County remained a Tier 2 County in 2016.

However, a number of counties around Stephens County were moved from Tier 1 to Tier 2, putting them on the same level as Stephens County.

That includes Franklin, Hart, Elbert, and Rabun counties.

Last year, those counties were all Tier 1 counties when it came to state job tax credits.

Under the rules set forth by the Georgia Department of Community Affairs, businesses in Tier 1 counties receive a larger per job tax credit for new job creation and not as many jobs have to be created to receive the credit.

For example, a business in a Tier 1 county must create two net new jobs to receive a $3,500 per job tax credit, while a business in a Tier 2 county must create 10 net new jobs to receive a $2,500 per job tax credit.