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Tax credits to help rural GA communities signed into law

Earlier this week, Governor Nathan Deal signed into law a measure that, according to supporters, will provide significant tax relief to rural communities. The bill, which passed by a narrow margin, provides $60 million in tax credits to companies that invest in businesses in rural Georgia communities. The law, it is hoped, will provide incentive for businesses to put money into rural communities, many of which are struggling with high unemployment and slow economic growth.

Despite its passage, the measure is a controversial one, with opponents saying it is likely only to benefit several national capital companies. Supporters point out that the measure would impose financial penalties on companies that fail to create new jobs, but it isn’t clear how effective this will be. 

Public policy aside, one of the important tasks for businesses in any industry is to effectively take advantage of tax benefits available to them by law. Businesses not only need to understand such matters so that they file accurate tax returns and other tax documentation, but also so that they are able to properly structure their business activities around tax benefits.

Because tax law is continually changing, it isn’t always easy to stay on top of tax matters. Working with an experienced attorney helps ensure businesses have the guidance they need to effectively navigate tax rules at both the state and federal level, and address any tax controversies that may arise.

Mistakes surrounding tax matters can result in significant penalties for businesses, especially when authorities accuse a business of tax fraud. We’ll say more about this in a future post. 

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Located in Atlanta, The Peck Group, LC, represents clients nationwide. Regionally, we are committed to serving clients in Fulton County and throughout the state of Georgia.