Economic Incentives for Georgia Manufacturers
May 1, 2017
Doing business in Georgia comes with a perk or two, especially for manufacturers. Manufacturing companies can operate in the state at a lower cost than other states, make leaps in innovation and secure (many) business incentives.
Manufacturers in Georgia account for over 8% of the state’s workforce and 11.06% of the state’s total output. With access to the Port of Savannah, this industry is helping drive the state’s economy in exports. In 2016, Georgia exported $32.77 billion in manufactured goods.
While the Port of Savannah plays a major role in the success of Georgia’s manufacturers, so do the state’s economic incentives. Georgia’s pro-business environment allows manufacturing companies to operate at lower costs compared to neighboring states and provides access to global markets through the Port of Savannah, along with a smart, well-trained workforce.
Tax Exemptions for Manufacturers
Manufacturers are exempt from paying sales tax on numerous items. In the past two years, there are five exemptions that have changed significantly in the state. Sales tax refund opportunities for manufacturers are one of the best ways for businesses of all sizes to reduce up-front costs. Similar to Georgia’s tax incentives, there are many exemptions manufacturing companies can take advantage of. To learn more about manufacturing specific exemptions, click here.
Industrial prices for electricity and natural gas rank low in Georgia. The cost of electricity and natural gas is lower than in Tennessee, Florida, North Carolina and Virginia – just to name a few. The state also provides a sales tax exemption on energy used in manufacturing, except 1% for education.
There are many logistical advantages in Georgia whether it is through ports, air, road or rail.
Tax Incentives for Manufacturers
Georgia offers many tax incentives for those who do business in the state. In fact, there are so many tax credits that if they were all referenced here, other competitive advantages could be overlooked. Stay tuned for an upcoming e-book that covers all tax credits in the state and another e-book that addresses doing business in the state of Georgia.
According to the Georgia Department of Economic Development, over 8,200 manufacturing companies call Georgia home. There are many opportunities for manufacturers to save money while doing business in Georgia. This article provides a surface level outlook on incentives for manufacturers and serves as an introduction to our upcoming e-books. Stay tuned for our content geared towards manufacturing businesses of all sizes.
Questions? Give us a call at 404-874-6244 or fill out to contact form below and we would be glad to assist you.
Source: Georgia Department of Economic Development. www.georgia.org.
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