Georgia Code
Article 2 - Imposition, Rate, Computation, Exemptions, and Credits
§ 48-7-40.25. Tax Credits for Investment in Expanding Existing Manufacturing Facilities; Enhancements for High-Impact Aerospace Defense Projects

but such term shall not include any event or circumstance that could have been prevented, overcome, or remedied in whole or in part by the taxpayer through the exercise of reasonable diligence and due care, nor shall such term include the unavailability of funds.
For purposes of this paragraph, leased employees will be considered employees of the company using their services, and such persons may be counted in determining the company’s credits under this Code section if their employment otherwise meets the definition of full-time job contained herein. In addition, an individual’s employment shall not be deemed to have a predetermined end date solely by virtue of a mandatory retirement age set forth in a company policy of general application. The employment of any individual in a bona fide executive, administrative, or professional capacity, within the meaning of Section 13 of the federal Fair Labor Standards Act of 1938, as amended, 29 U.S.C. Section 213(a)(1), as such act existed on January 1, 2002, shall not be deemed to have a predetermined end date solely by virtue of the fact that such employment is pursuant to a fixed-term contract, provided that such contract is for a term of not less than one year.
(4.1) “High-impact aerospace defense project” means a qualified project with the additional limitations that it is:
The sale, merger, acquisition, or bankruptcy of any business enterprise shall not create new eligibility in any succeeding business entity but any unused investment tax credit may be transferred and continued by any transferee of the business enterprise;
History. Code 1981, § 48-7-40.25 , enacted by Ga. L. 2003, p. 665, § 8; Ga. L. 2004, p. 690, § 21; Ga. L. 2005, p. 60, § 48/HB 95; Ga. L. 2021, p. 289, § 2-4/SB 6.
The 2021 amendment, effective July 1, 2021, substituted the present provisions of subparagraph (a)(4)(A) for the former provisions, which read: “Is located in this state at the manufacturing facility resulting from a qualified project;”; added paragraph (a)(4.1); substituted the present provisions of paragraph (a)(5) for the former provisions, which read: “ ‘Investment requirement’ means the requirement that a minimum of $800 million in qualified investment property shall have been purchased or acquired for use in a qualified project and be in service.”; substituted the present provisions of paragraph (a)(7) for the former provisions, which read: “ ‘Job requirement’ means the requirement that the number of full-time employees must equal or exceed 1,800.”; deleted “and” at the end of subparagraph (b)(1)(B); added subparagraph (b)(1)(C); redesignated former subparagraph (b)(1)(C) as subparagraph (b)(1)(D); in subparagraph (b)(2)(A), deleted “that will be located at the manufacturing facility” following “employee jobs” near the beginning and inserted a comma following “all jobs” near the end; in the introductory language of paragraph (e)(1), substituted “the date of application by the taxpayer for the qualified project pursuant to paragraph (1) of subsection (b) of this Code section” for “April 1, 2003” at the end of the first sentence, substituted “the date of application by the taxpayer for the qualified project pursuant to paragraph (1) of subsection (b) of this Code section” for “March 31, 2003” at the end of the second sentence; substituted “taxpayer has met both the investment requirement and the job requirement” for “project includes the acquisition of qualified investment property having an aggregate cost equal to or exceeding $800 million and that the job requirement was satisfied” near the end of paragraph (e)(3); redesignated the existing provisions of subsection (f) as paragraph (f)(1), and, in paragraph (f)(1), substituted “Except as provided in paragraph (2) of this subsection, in” for “In” at the beginning, and added paragraph (f)(2); redesignated the existing provisions of subsection (g) as paragraph (g)(1), and, in paragraph (g)(1), in the first sentence, substituted “Except as provided in paragraph (2) of this subsection, a” for “A” at the beginning, deleted “48-7-40.11,” following “48-7-40.10” in the middle, and added paragraph (g)(2); rewrote subsection (h); and inserted “or the objectives required of a high-impact aerospace defense project” in the first sentence of subsection (i).
Editor’s notes.
Ga. L. 2003, p. 665, § 1, not codified by the General Assembly, provides that: “This Act shall be known and may be cited as the ‘State and Local Tax Revision Act of 2003.’ ”
Ga. L. 2003, p. 665, § 47(b), not codified by the General Assembly, provides that this Act shall be applicable to all taxable years beginning on or after January 1, 2003.
Ga. L. 2021, p. 289, § 1-1/SB 6, not codified by the General Assembly, provides, in part, that: “Parts II through IV of this Act shall be known and may be cited as the ‘Georgia Economic Renewal Act of 2021.’ ”
Law reviews.
For note on the 2003 enactment of this Code section, see 20 Georgia St. U.L. Rev. 233 (2003).
For article, “SB 6: The Review, Creation, and Extension of Georgia Tax Credits and Deductions,” see 38 Ga. St. U.L. Rev. 167, 168 (2021).

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