Our community is pleased to offers a wide range of resources to assist businesses with creating new jobs and capital investment. The following information highlights many of our most frequently requested incentive programs:
Tax Credits
Tax Exemptions & Abatements
- 100% exemption on sales taxes for manufacturing equipment purchased in GA
- 100% exemption on taxes on goods & inventory
- Abatements on up to 100% of property taxes (client must acquire property)
Financial Resources
Utility Rebates & Incentives
Additional Services
Further details about each program are listed below:
TAX CREDITS
Job Tax Credits
Companies within the following industries who create between 5 and 25 net new jobs may be eligible to receive job tax credits from the State of Georgia:
• distribution
• technology
• manufacturing
• telecom
• processing companies
• corporate headquarters
In order to receive the credits, companies must create between five and 25 net new jobs per year. For each year (up to five years) the jobs are maintained, qualified companies can claim a tax credit with a value of $1,250 per job, per year. Unused job tax credits may be carried forward for ten years.
Joint development authority tax credits
Our community is pleased to offer eligible businesses a bonus tax credit of $500 for each new job they create per year. This credit can be levied on top of joint development authority tax credits (see below):
$1,250 (Job Tax Credits)
+ $ 500 (Joint Development Authority Bonus Tax Credits)
$1,750 in tax credits for each new job created per year (minimum 25 jobs)
Opportunity Zones Tax Credits
Forsyth County is pleased to offer new and existing businesses who locate within the 400 North Opportunity Zone the State of Georgia’s maximum job tax credit threshold of $3,500 per new job created, per year. The incentive is issued in the form of credits that can be taken against a business’s income tax liability and state payroll withholding.
In opportunity zones:
• the maximum Job Tax Credit allowed under law is $3,500 per job created
• companies must create a minimum of 2 jobs to receive a job tax credit incentive (as opposed to 25 jobs outside of an opportunity zone)
• Job Tax Credits can be used against 100% of income tax liability and withholding
• any businesses of any nature can qualify for the incentive
Mega Project Tax Credit
Companies that employ at least 1,800 net new employees, and either invest a minimum of $450 million or have a minimum annual payroll of $150 million may claim a $5,250 per job, per year tax credit for the first five years of each net new job position. Credits are first applied to state corporate income tax, with excess credits eligible for use against payroll withholding. Credits may be carried forward for 10 years.
TAX EXEMPTIONS & ABATEMENTS
Property Tax Abatement
Through a strategic partnership with the Development Authority of Forsyth County, our community is pleased to provide eligible companies with abatements on their property taxes. For qualified companies, up to 100% of taxes from increases in the assessed value of real property can be incrementally deferred for up to 10 years.
Sales and Use Tax Exemption
Qualified equipment purchases or leases are exempt from Georgia sales tax when the equipment purchased is used in the manufacturing process. Under certain conditions, primary material handling equipment (in warehouses and distribution centers), computer equipment and Class 100 (or less) clean room machinery, equipment and materials can also be exempted.
Freeport Exemption (Taxes on Goods & Inventory)
Any business that locates in Forsyth County or the City of Cumming can receive a 100% exemption on the following types of tangible personal property:
• inventory of goods in the process of being manufactured or produced including raw materials and partly finished goods;
• inventory of finished goods manufactured or produced within this State held by the manufacturer or producer for a period not to exceed 12 months;
• inventory of finished goods on January 1 that are stored in a warehouse, dock, or wharf which are destined for shipment outside this State for a period not to exceed 12 months;
ADDITIONAL SERVICES
Complimentary Site Selection Assistance
The Cumming-Forsyth County Chamber of Commerce is pleased to offer complimentary site selection assistance to companies that are looking for office spaces, industrial spaces, retail spaces, or vacant land in Forsyth County.
Complimentary Market Research
Not sure if your target market is located in our region? Our team of skilled researchers are pleased to provide you with customized statistical data pertaining to the markets, demographics, sales, real estate, and much more!
Permit Assistance
Our community is pleased to offer permit expediting services such strategies as technical review committees and joint submission strategies to reduce the time and costs that are associated with navigating our local permitting process.