Bartow County businesses who created jobs in 2011, or plan to do so in 2012, may benefit financially from the Dec. 15 job tax credit seminar.
"With corporate year-end taxes ahead, we wanted to provide a reminder to businesses, accountants and others that certain businesses may be eligible for job tax credits," said Melinda Lemmon, Department of Economic Development executive director, adding that time may be running out for some. "Some businesses may only be eligible this year, as with the Less Developed Census Tract designation. Our purpose is to help Bartow businesses because they drive our local economy."
Guiding seminar attendees through the application process will be two guest speakers, CPA Mark Fishman with Cain and David PC, and Economic Development Field Services Representative Patrick Vickers with the Georgia Department of Community Affairs.
"We are so grateful for our experts," Lemmon said. "Mark Fishman is a member of the [Cartersville-Bartow County Chamber of Commerce] and has worked pretty extensively for job tax credits for his clients. He's going to talk about the form you need to fill out and some of the lessons learned.
"The other speaker is Patrick Vickers with the Georgia Department of Community Affairs. This is a program that they help administer."
Job tax credits discussed will fall under three categories: a general tax credit for job creation available to industries throughout the county within the "defined business enterprises," and enhanced tax credits with lower job creation requirements and higher credits within Less Developed Census Tracts and Opportunity Zones.
"There are certain designations applicable and I will be talking about the three that apply to Bartow County," Vickers said. "Depending on where a business is within one of those three designation types, they give different job tax credits for new jobs that are created."
The standard, countywide and LDCT job tax credits are designated for use by "defined business enterprises," consisting of manufacturing, warehousing and distribution, processing, telecommunications, broadcasting, research and development or tourism. Countywide job tax credits will also apply to businesses providing services for the elderly and persons with disabilities.
Enhanced job tax credits found with LDCTs or Opportunity Zones are restricted to geographical boundaries. These designations were recognized by the state through an application process. The LDCT designation expires at the end of 2011, although the county plans on applying for an extension.
"Originally we got the [Less Developed Census Tract] designation because Mohawk and Trinity Rail closed. We were able to apply for an extension through this year, this calendar year, so the businesses within those two census tracts can still take advantage. That expires Dec. 31, technically. We plan on applying for another extension and don't see any reason that we wouldn't get that," Lemmon said.
Organizers encourage business representatives from companies that may be eligible, but also accountants, bankers and other business consultants that may be able to help their clients, or future clients, in the application process.
"If there are any businesses in Bartow County that anticipate creating jobs in the next 12 months, it could mean cash in their pockets quite frankly. Again, some of these designations only apply to defined business enterprises," Vickers said.
The job tax credit seminar will take place Thursday, Dec. 15, at the Cartersville-Bartow County Chamber of Commerce from 8 a.m. to 9 p.m. There is no charge to attend, but organizers ask guests to RSVP. For more information, contact Lemmon at 770-382-1466.