Georgia Retraining Tax Credit
Most companies train and retrain their employees. But, what’s the difference between training and retraining? It’s simple. Training is conducted when teaching an employee a new skill, primarily at the start of a new job or assignment. Retraining is the effort a company invests in its employees as a result of an implementation of new technology, an operating system, equipment, TQM programs, or ISO type programs, where the lack of this knowledge would create process deficiencies resulting in workforce inadequacies. Georgia offers the Georgia Retraining Tax Credit to companies that invest time and money into retraining their employees on new technologies.
The Georgia Retraining Tax Credit can offset a company’s Georgia income tax liability by up to 50%. This is a generous program with liberal qualifications and restrictions allowing most Georgia companies the opportunity to benefit. The credit is calculated based on half the actual retraining costs. The state limits the credit to $500 per qualified employee per qualified retraining program, i.e. $1000 costs per eligible employee per qualified program.
Want to learn more about the Georgia Retraining Credit? Follow these links:
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