ROME and FLOYD INCENTIVES
FREEPORT INVENTORY TAX EXEMPTION
Rome and Floyd County have 100 percent Freeport Inventory Tax Exception. This means that a manufacturer would have a 100 percent exemption from inventory tax on raw materials, material in process, and finished product stored at the end of the year. Packing and handling would not be exempt.
ENERGY EXCISE TAX EXEMPTION
Local governments in the state of Georgia were given the option to implement sales tax on energy used in manufacturing. Rome and Floyd County made the decision to NOT IMPLEMENT this sales tax on energy used in manufacturing.
JOB TAX CREDIT
The Georgia Job Tax Credit applies to a business or headquarters of a business engaged in manufacturing, warehousing and distribution, processing, tourism, and research and development industries. Under this program, Floyd County companies creating 10 or more new jobs will receive a $3,000 tax credit.
5 Factor Formula for Consideration of Incentives for Primary Employers
1. Dollar Amount of Capital Investment
2. Number of New Jobs
4. Health Insurance (not prescriptive – the employer has flexibility with human resource policy but must offer an insurance plan for employees)
5. Retirement Plan (not prescriptive – the employer has flexibility with human resource policy but must offer a retirement plan for employees)