Georgia Code
Article 2 - Imposition, Rate, Computation, Exemptions, and Credits
§ 48-7-40.2. Tax Credits for Existing Manufacturing and Telecommunications Facilities in Tier 1 Counties

provided, however, that credit allowed and used pursuant to subdivision (II) of this division and pursuant to subdivision (c)(2)(B)(ii)(II) of Code Section 48-7-40.3 shall not exceed $10 million in aggregate for all taxpayers for any calendar year. The commissioner shall establish an application process to ensure that the $10 million aggregate maximum and the $1 million per taxpayer maximum are not exceeded. If applications for such credit exceed $10 million for the calendar year, the commissioner shall allow for the credit to be applied to all eligible applicants in prorated amounts among such applicants, not to exceed $10 million for the calendar year.
(2.1) (A) Any credit claimed prior to January 1, 2020, pursuant to this Code section by a taxpayer that remains unused by such taxpayer may be applied pursuant to subparagraph (B) of this paragraph for any taxable year beginning on or after January 1, 2020, for which such credit may be carried forward pursuant to paragraph (2) of this subsection provided that within a single taxable year beginning on or after January 1, 2020, such taxpayer:
(B) Subject to the requirements established by subparagraph (A) of this paragraph, a taxpayer may elect to apply such credit that has been carried forward as allowed pursuant to division (ii) of subparagraph (B) of paragraph (2) of this Code section.
(C) (i) Qualified investment property purchased or acquired in connection with division (ii) of subparagraph (A) of this paragraph may be eligible for credit granted under subsection (b) of this Code section, provided that the conditions for such credit are met independently of this paragraph. Any such new credit earned shall be applied as provided in paragraph (2) of this subsection.
(ii) For the taxable year in which the jobs that are required to be maintained in division (i) of subparagraph (A) of this subsection are maintained, such jobs shall not be eligible to be used or claimed as the basis for any other tax credit or benefit allowed by state law.
(D) This paragraph shall not extend the carry forward period for any credit.
(E) This paragraph shall stand repealed by operation of law on the last moment of December 31, 2024;
History. Code 1981, § 48-7-40.2 , enacted by Ga. L. 1994, p. 928, § 4; Ga. L. 1995, p. 10, § 48; Ga. L. 1995, p. 585, § 2; Ga. L. 1996, p. 220, § 5; Ga. L. 1997, p. 461, § 3; Ga. L. 1998, p. 1224, § 3; Ga. L. 2019, p. 661, § 3-1/HB 224; Ga. L. 2021, p. 922, § 48/HB 497.
The 2019 amendment, effective June 1, 2019, inserted a comma following “form” in the middle of paragraph (a)(1); inserted a comma following “to” in the first sentence of paragraph (a)(3); added paragraph (a)(7); inserted the second occurrence of “a” near the middle of the first sentence of subsection (b); added the proviso at the end of the second sentence of paragraph (c)(1); redesignated the first and second sentences of paragraph (c)(2) as subparagraphs (c)(2)(A) and (c)(2)(B), respectively, added the division (c)(2)(B)(i) designation and added division (c)(2)(B)(ii), and redesignated the third sentence as subparagraph (c)(2)(C); added subparagraph (c)(2)(D); added paragraph (c)(2.1); in paragraph (c)(3), inserted a comma following “subsection” in the middle, substituted “the amount required by paragraph (1) of this subsection” for “$50,000.00” at the end; and, in subsection (d), deleted the paragraph (1) designation, substituted “No taxpayer” for “Except as otherwise provided in paragraph (2) of this subsection, no taxpayer” at the beginning, and deleted former paragraph (d)(2), which read: “For taxable years beginning on or after January 1, 1995, and ending on or prior to December 31, 1998, a taxpayer shall be authorized to claim on a tax return for a given project the credit provided for in this Code section and to claim, if otherwise qualified under Code Section 48-7-40, the tax credit applicable to tier 1 counties under Code Section 48-7-40, subject to the following limitations:
“(A) Not less than 250 new full-time employee jobs must be created in the first taxable year and maintained through the end of the third taxable year in which the taxpayer claims both credits as authorized under this paragraph; and
“(B) An otherwise qualified taxpayer shall not be entitled to receive the additional tax credit authorized under Code Section 36-62-5.1 in any taxable year in which that taxpayer claims both of the tax credits as authorized under this paragraph.” See Editor’s notes for applicability.
The 2021 amendment, effective May 10, 2021, part of an Act to revise, modernize, and correct the Code, revised punctuation in paragraph (a)(3).
Editor’s notes.
Ga. L. 1994, p. 928, § 1, not codified by the General Assembly, provides: “This Act shall be known and may be cited as the ‘Georgia Business Expansion Support Act of 1994.’ ”
Ga. L. 1994, p. 928, § 8, not codified by the General Assembly, provides that the 1994 amendment “shall be applicable to all taxable years beginning on or after January 1, 1994.”
Ga. L. 1995, p. 585, § 10, not codified by the General Assembly, provides that the 1995 amendment “shall be applicable to all taxable years beginning on or after January 1, 1995.”
Ga. L. 1996, p. 220, § 11, not codified by the General Assembly, provides that the 1996 amendment “shall be applicable to all taxable years beginning on or after January 1, 1996.”
Ga. L. 1997, p. 461, § 10, not codified by the General Assembly, provides that the 1997 amendment “shall be applicable to all taxable years beginning on or after January 1, 1997.”
Ga. L. 2019, p. 661, § 4-1/HB 224 not codified by the General Assembly, provides that Parts II and III of this Act “shall be applicable to taxable years beginning on or after January 1, 2020.

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