State tax incentives fights unemployment - WALB.com, Albany News, Weather, Sports

State tax incentives fights unemployment

December 28, 2006

Lowndes County - Some businesses in Georgia have something more to look forward to for the new year.  "A company creating 50 new jobs will see a five year tax credit of 750,000 dollars," says Brad Lofton, the Executive Director for the Valdosta-Lowndes Industrial Authority.

And the impact could mean more jobs in the state.

Georgia's Business Expansion and Support Legislation nearly doubled tax incentives for manufacturing, warehousing, processing, telecommunication, tourism and distribution businesses in the state.

Starting next year, companies will be eligible to receive 3,000 dollars in corporate income tax credits for every 10 jobs they create.

Officials in Lowndes County hope the incentives will help growth in the area.  "The increase we hope will stimulate additional employment opportunities for those companies debating whether or not it's in their best interest to expand and hire additional employees," Lofton adds.

They also hope tax credits could help companies buy more machinery and equipment.

Powered by WorldNow