Georgia offers an income tax credit for businesses that retrain existing employees on new technology or software, quality management, and similar programs. The credit may offset 50% of the taxpayer’s liability. While the credit may be quite lucrative, companies sometimes overlook it.
Barnwell found such a case with a large telecommunications company that trained existing employees on an ongoing basis due to the steady-state implementation of new technologies. The company recovered about two hundred thousand dollars per year. Unfortunately, Georgia “pulled a fast one” and only allows companies to go back one year – so it is important for companies to claim their retraining credits as soon as possible, preferably on originally filed returns.
Learn how we can find tax credits like this for your company. Contact us today for a complimentary consultation.