Property Tax Abatement
Qualified companies that finance their project may be able to obtain certain property tax relief for new assets. This program is sometimes called, “Bonds for Title.” In Gwinnett County, this discretionary incentive considered on a case-by-case basis is usually structured as a phase-in of property taxes over a certain period of time such as 5 or 10 years. Special respect is given to existing industries. Important notes:
- A “Project” may include improvements to land, building or equipment not already on the tax digest, totaling at least $5 million in new investment
- Must create quality jobs as defined by wages (compared to current community wages), with benefits
- Does not include the community’s financial guarantee of the bonds
- Must be environmentally sensitive, be a respectful fit into the community, and be a good corporate citizen
- Must hire Gwinnett County workers and purchase from Gwinnett companies if at all possible
- A P&A (Performance & Accountability) Agreement is expected
- Such assistance is subject to approval from the Authority
- Georgia Department of Labor (DOL) offers:
- Labor Market Information
- Recruitment and Staffing
- Assistance with Tax Credits and Employment-related Laws, among a variety of other programs.
- Georgia QuickStart Program, the world renowned customized workforce training as a state incentive at no cost to qualified companies
- Gwinnett Technical College provides customized training opportunities, as well as traditional programs of study
Reduced or Waived Fees
Many fees experienced in other communities simply are not charged in Gwinnett. For example, there are no impact fees in unincorprated Gwinnett County.
Freeport Inventory Tax Exemption
This community has passed Referendums that offer manufacturers, distributors, wholesalers, and warehouse operations inventory tax exemptions on three categories of property: (1) Manufacturer’s raw materials and goods in process, (2) Finished goods held by the original manufacturer, and (3) Finished goods held by distributors, wholesales, and manufacturers destined for out-of-state shipments. Exemptions are based on the city where the company is located.
State Tax Credits
Tax credits give Georgia businesses the opportunity to minimize or even eliminate state corporate income tax. They apply to all qualifying* companies – large, small and in between – rooted in Georgia or new to the state. Typically, corporate income tax credits apply to 50 percent of a company’s state tax liability in a given year. But in some cases, they can offset up to 100 percent of corporate income tax as well as payroll withholding liability. The tax credits referenced here are extended by the state of Georgia to support business growth.
- New Market Tax Credits (NMTC): When exploring Sites & Buildings on this website, properties in NMTC eligible areas are in a search criteria called “Incentivized Zone.”
Disclaimer: Gwinnett County Department of Economic Development does not provide tax or legal advice, but rather suggested options for a company’s strategic consideration.