Incentives and Financing

 

Local Assistance

Valdosta-Lowndes County Development Authority is aggressive in how we can structure a deal. Whether you need direct financial assistance, fast track permitting, workforce assistance or engineering assistance, we can tailor a package fitting your business needs. Our offerings include:

  • Property tax abatement
  • Land incentives
  • Industrial Revenue Bonds
  • Revolving Loan Funds
  • Freeport Exemption
  • Engineering Services Assistance
  • New Market Tax Credit
  • Fast Track Permitting
  • Permitting and Infrastructure financial assistance
  • Build to Suit/lease back arrangement
  • Waived utility fees/reduced utility costs
 

Our team is ready to help you solve financial challenges by helping you identify, apply for and speed up the acceptance process for the financial assistance you need. Contact us today to start the process.

 

Military Zone

The Job Tax Credit Program, as defined in O.C.G.A. § 48-7-40.1, provides additional benefits to specified census tracts or additionally designated areas which are considered to be less developed or have a higher rate of poverty. The military zone designation was added in the 2004 Legislative Session through the passage of House Bill 984. This amendment provides for census tracts which are located adjacent to a military base and have pervasive poverty of at least a 15 percent poverty rate, as reflected in the most recent decennial census, to receive the highest benefit level allowed under the Job Tax Credit Program. It also provides for the credit to be available to any business of any nature, as long as all other program requirements are met. An amendment was made in the 2008 Legislative Session to provide for the job creation threshold to be reduced from 5 jobs to 2 jobs.

Military Zone Tax Credit Incentives qualified projects may receive:

  • the maximum Job Tax Credit allowed under law - $3,500 per job created
  • the lowest job creation threshold of any job tax credit program - 2 jobs
  • use of Job Tax Credits against 100 percent of Georgia income tax liability and withholding tax
  • allows credit to be claimed by any business of any nature (not limited to the industries in the Business Enterprise definition

To read more on the state's Military Zone, please visit the Georgia Department of Community Affairs' website.

 

Georgia Competitive Advantages

The State of Georgia offers many business advantages, including:

  • Low corporate taxes: Georgia was the first southeastern state to pass single-factor corporate tax apportionment. This legislation applies the 6 percent corporate tax rate only to the portion of income earned inside the state.
  • High bond ratings: Georgia is one of a handful of states to have the highest bond ratings (AAA) from all three major municipal bond rating agencies — Moody’s Fitch and Standard & Poor’s.
  • Top rankings: Year after year, Georgia ranks as a “top 10” state for business — by Forbes, CNBC and many others. Example: In fall 2011, a nationwide survey of location consultants named Georgia the 2nd best state in the U.S. for doing business.
  • Corporate presence: Industry giants Home Depot, UPS, Coca-Cola and Delta Air Lines are just a few of the 32 Fortune 1000 companies that chose Georgia for their headquarters. And only New York and Houston have more Fortune 500 companies.
  • Fiscal conservatism: State law mandates that Georgia continuously maintain a balanced state budget. And the state consistently maintains one of the nation’s lowest debt-per-capita levels.
  • Business development support: Georgia’s Department of Economic Development has industry experts and project managers whose sole responsibility is to help businesses expand. These professionals connect companies large and small to government and business leaders at home and abroad; represent the state’s industries at conventions and meetings worldwide; and provide a wealth of data and analysis to inform decision-making.
  • Community leadership: The Georgia Department of Economic Development (GDEcD), Georgia Chamber of Commerce and dozens of other development agencies statewide assist businesses in communicating with communities, educating a diverse workforce, and promoting the growth of their industries.
  • Economic development momentum: Launched in 2011, the Georgia Competitiveness Initiative is bringing together industry and government to further strengthen Georgia’s economic development strategy.

You can find out more information on Georgia’s Competitive Advantages here.

 

Georgia Tax Credits

Georgia has numerous tax credits and incentives for qualifying businesses. These include:

  • Job Tax Credit
  • Quality Jobs Tax Credit
  • Port Tax Credit Bonus
  • Work Opportunity Tax Credit
  • Mega Project Tax Credit
  • Investment Tax Credit
  • Optional Investment Tax Credit
  • Research and Development Tax Credit
  • Retraining Tax Credit
  • Child-Care Tax Credit
  • Film, Television and Digital Entertainment Tax Credit

You can find out more information on Georgia’s tax credits here.

 

Georgia Hiring and Training Assistance

  • Georgia Department of Labor
  • QuickStart Employee Training – georgiaquickstart.org
  • HOPE Scholarship and Grant
  • Georgia Intellectual Capital Partnership Program (ICAPP) icapp.org
  • Retraining Tax Credit

 

Other Assistance Programs

Valdosta-Lowndes County can help you access federal programs and direct financial assistance offered by local and regional economic development entities. Some of these programs include:

 

Do I Qualify?

To find out if you qualify for any of the above programs or credits, or to request additional information, please contact our team.

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