SAVANNAH, Ga. (WSAV) — It’s the most wonderful time of the year — if you’re the IRS.
With tax season in full swing, those looking to save a little are in luck. The state of Georgia has a slew of tax credits filers can take advantage of to scrape a few extra dollars into their pockets this spring.
Below is the full list of Georgia’s tax credits.
Listed below are some tax credits you can file for and a brief description to see if you qualify.
Employer’s Credit for Approved Employee Retraining
- This tax credit is for employers to recoup costs of retraining employees to use new equipment or technology.
Low-Income Housing Tax Credit
- This gives tax credits to those who own rental properties for low-income residents. The home’s income tax liability is reduced if the owners invest long-term into affordable rental housing.
Employer’s Job Tax Credit
- Any manufacturing, warehousing and distribution processing, tele-communications, broadcasting, tourism or research and development business or head-quarters in Georgia can take advantage of the employer’s job tax.
Business Enterprise Vehicle Credit
- Businesses that buy cars used specifically to transport their employees are eligble for a credit. Each car must carry an average of four employees daily.
Low-Income Tax Credit
- If you rake in less than $20,000 a year and are not claimed or eligible to be claimed as a dependant, you can earn some tax credits.
Film Tax Credit
- Productions that cost more than $500,000, are eligible for a 20% tax credit. An additional 10% credit can be obtianed if the finished product includes a promotional state-provided logo.
Adoption of a Foster Child Credit
- If you adopted a foster child between Jan. 1, 2008 and Jan. 1, 2021, you’re eligible for a $2,000 credit per child.
Low Emission Vehicle Credit
- If you have a low emission car, you’re eligible for a tax credit. Filers are eligible to a credit worth up to 10% of the car’s value or a simple $2,500 credit — whichever amount is lesser. You might also be eligible to receive even more if you have a zero-emission car.
Employer’s Credit for Purchasing Child Care Property
- Employers who buy child care property can receive a credit totaling 100% of the cost. The credit is claimed at a 10% rate per year for 10 years. Any unused credit can be carried forward for three years.
Employer’s Credit for Providing or Sponsoring Child Care for Employees
- Employers providing child care for employees can recoup up to 75% of the direct costs. However, the credit can’t surpass 50% of the taxpayer’s total state income tax liability for the year.