Glynn County Incentives and Tax Abatements
In addition to having a great business climate, Brunswick and Glynn County also offer several local incentive programs to targeted industries. Aerospace, manufacturing, and logistics companies are eligible for the local incentives, grants, and tax abatement programs outlined below. In addition to the competitive local incentives, new companies are also eligible for what is offered by the State of Georgia.
Property Tax Abatements
The Authority has the ability to tailor a tax abatement program for your specific project that can offer relief from ad valorem taxation that is weighted to give the most benefit in the beginning years of investment. If you are unfamiliar with the process, you may find this white paper helpful.
The permitting process in Glynn County is already extremely efficient but we have systems in place to accommodate businesses locating in Glynn County.
Foreign Trade Zone Designation
Foreign Trade Zones are a huge advantage to businesses that import and export goods. Locating a business within a Foreign Trade Zone allows a company to delay paying duties. Learn more.
Federal Opportunity Zone
The Federal Opportunity Zone Program is a community and economic development tool that drives long-term private investment into low-income communities throughout the country. The program encourages investors with recently realized capital gains to invest in real estate or development projects in exchange for reduced tax obligations. Learn more.
If your small business is located in a designated HUBZone, it may be eligible for set-aside government contracts. Learn more about the SBA’s HUBZone program and certification here.
Revolving Loan Fund
New or existing Glynn County Businesses creating jobs for low-moderate income individuals may be eligible. Funds may be used to purchase machinery/equipment or real estate. Up to $20,000 for each new job created may be awarded, with an award maximum of $100,000 are per eligible project. Click here to learn more.
Share the Future Fund
New aerospace, manufacturing or distribution businesses locating in Glynn County and creating a minimum of 15 jobs may be eligible for discretionary funds that can be used to assist with payment of local site development permit fees or other expenses as approved by the Brunswick & Glynn County Development Authority.
Georgia Tax Credits and Incentives
The Georgia Department of Economic Development (GDEcD) does a tremendous job attracting businesses to Georgia. Several organizations that report on economic development and the site selection industry consistently rank Georgia as the “Number 1 State for Business.”
Companies that are new to Glynn County will benefit from the Jobs Tax Credit. Existing industries have access to the Investment Tax Credit, Research and Development Tax Credit, Port Tax Credit, and Retraining Tax Credit. New and expanding companies will both benefit by taking advantage of the sales and use tax exemptions, Georgia Department of Labor programs, and custom training from Quick Start.
Glynn County is designated as a Tier 3 County. To learn more about what the tax credits and incentives offered by Georgia, visit Georgia.org.
Jobs Tax Credit
New businesses locating in Glynn County are eligible for up to $1,750 tax credits per job created.
Georgia Investment Tax Credit
Georgia has an investment tax credit available to existing companies in the state. Depending on the tier status of the county where the investment is made, the value of the credit ranges from 1% – 5%. To qualify a company must:
• Have operated either a manufacturing or telecommunications facility in Georgia for at least three years, and make a minimum $100,000 investment in a new or existing manufacturing or telecommunications facility in Georgia;
• Have operated a corporate office or other support facility for a manufacturing or telecommunications company in Georgia for at least three years, and make a minimum $100,000 investment in a new or existing manufacturing or telecommunications facility in Georgia
Glynn County is a Tier 3 community; this means the credit value would be 1% – 3% of the total investment, with a minimum investment of $100,000. This credit is used to offset 50% of the state tax liability and can be carried forward for 10 years.
Port Tax Credit
The Port Tax Credit Bonus is available to taxpayers who qualify for the Jobs Tax Credit or the Investment Tax Credit, and increase imports or exports through a Georgia port by 10 percent over the previous or base year Port Tax Credit Bonus for INVESTMENT Tax Credit This “port bonus” increases the Investment Tax Credit to the equivalent of a Tier 1 location regardless of the tier level. The port bonus would therefore be equal to five percent of the qualified investment in expenses directly related to manufacturing or providing telecommunication services with the credit increasing to eight percent for recycling, pollution control and defense conversion.
Research and Development Tax Credit
Georgia offers an incentive to new and existing business entities performing qualified research and development in Georgia. Companies may claim a 10 percent tax credit of increased R&D expenses subject to a base amount calculation.
Retraining Tax Credit
A company’s direct investment in training can be claimed as a tax credit, up to 50 percent of the employer’s direct cost up to $500 per approved training program. The total amount of credit cannot exceed $1,250 per employee per year. Training programs must be approved by the Technical College System of Georgia. This tax credit can be used to offset up to 50 percent of a company’s state income tax liability. The credit is available to all Georgia businesses that file a Georgia income tax return. The retraining program must be for quality and productivity enhancements and certain software technologies. Unused credits can be carried forward 10 years. These credits can be combined with other tax credits.
Sales and Use Tax Exemption for Machinery and Equipment
Georgia allows manufacturers and distribution centers sales tax exemption on the acquisition of equipment that is integral to the manufacturing process as well as primary material handling equipment. In most counties in Georgia, this incentive offers a savings of 7% of the purchase price of manufacturing, material handling, and pollution control equipment. As of January of 2013, the sales tax on energy for manufacturers is being phased out and will completely exempt in 2016.
Department of Labor
The Georgia Department of Labor (GDoL) provides free pre-employment services for new and expanding businesses. The GDoL will market open job positions, accept applications, pre-screen applications and provide temporary space for interviews.
Expedited Environmental Permitting
The Georgia Environmental Protection Division (GEPD) is a great partner in economic development. If environmental permitting is required, the Georgia Department of Economic Development will schedule a meeting with the GEPD and help you navigate and expedite the permitting process.
Georgia’s Quick Start Training Incentive
Workforce training in Georgia is provided through several initiatives, but the state’s signature program is Georgia Quick Start. Quick Start is a free program customized for companies in numerous industries. Quick Start has updated the skill sets of nearly 1 million employees at 6,200 companies.
Quick Start helps companies maintain a competitive advantage by preparing workers for skill sets needed tomorrow as well as today.
- A Quick Start training regimen is shaped specifically for the skills that a company is looking to develop in its employees
- Training is conducted in classrooms, mobile labs or onsite at the company
- Quick Start is provided at no charge by the Technical College System of Georgia
- The program is versatile: Quick Start has prepared workers to assemble intricate aircraft components, grow bacteria for vaccines, manufacture plastic and metal products and field inquiries from customers, by phone or online