SAVANNA, GA (WSAV) – This is the most wonderful time of the year – if you’re from the IRS.
When the tax season is in full swing, those who want to save a bit are lucky. Georgia has many tax credits that they can take advantage of to pocket a few extra dollars this spring.
The following is a complete list of Georgia’s tax credits.
Below are some tax credits you can apply for, and a brief description to see if you qualify.
Credit to the employer for the approved retraining of employees
- This tax credit is intended for employers to reimburse the cost of retraining employees to use new equipment or technology.
Low-income housing tax credit
- This gives tax breaks to those who own rental property for low-income residents. Taxable income tax liabilities are reduced when landlords invest long in affordable rental housing.
Employer tax credit
- Any business engaged in the production, warehousing and distribution, telecommunications, broadcasting, tourism or research enterprise or headquarters in Georgia may benefit from the employer’s tax.
Car loan for business
- Businesses that buy cars used specifically to transport their employees are eligible for the loan. Each car must carry an average of four employees daily.
Low income tax credit
- If you earn less than $ 20,000 a year and are not eligible to be claimed as a dependent, you may earn some tax breaks.
The film is a tax credit
- Productions worth more than $ 500,000 are eligible for a 20% tax credit. An additional 10% credit can be obtained if the finished product contains an advertising logo provided by the state.
Accepting a loan for a foster child
- If you have adopted a foster child between January 1, 2008 and January 1, 2021, you are eligible for a $ 2,000 loan per child.
Credit for low-emission cars
- If you have a car with low emissions, you are eligible for a tax credit. Applicants can get a loan of up to 10% of the cost of the car or a simple loan of $ 2,500 – whichever is less. You may also be eligible to get even more if you have a zero-emission car.
Employer loan for the acquisition of childcare property
- Employers who buy childcare real estate can get a loan of 100% of the cost. The loan is demanded at a rate of 10% per annum for 10 years. Any unused loan can be postponed for three years.
Employer loan for providing or sponsoring child care for employees
- Employers who care for children can recoup up to 75% of direct costs. However, the offset may not exceed 50% of the total state income tax for the year.