Fifteen Fortune 500 companies are headquartered in the state capital of Atlanta, the second-largest metropolitan area in the Southeast (behind Washington, D.C.). Atlanta is the site of a burgeoning tech scene that is supported by tech incubators and venture capital firms.
What are the reasons for doing business in Georgia?
Georgia has a number of grants, tax credits, and other incentives aimed at supporting economic development. For those who qualify, Job Tax Credits (JTC) can be used by companies to reduce their corporate tax liability. Companies in all industries are also eligible for a higher jobs tax credit if they create new jobs that pay at least 10% above the average wage of the county in which they are located.
Georgia is also known for having a strong and diverse talent pool that draws from its nationally ranked public universities and a technical college system made up of 22 different colleges. Companies can also take advantage of the state’s workforce training program, Quick Start, at no cost if they qualify. In their top states report, CNBC gave Georgia a grade of B+ in the workforce category
How is Georgia’s infrastructure?
Another factor that gives Georgia a strong competitive edge is its infrastructure. Whether by air, rail, road, or sea, Georgia’s transportation system provides direct access to domestic and global markets. The Hartsfield-Jackson Atlanta International Airport, the world’s busiest airport, moves over 100 million passengers and 725,000 metric tons of cargo each year. The Port of Savannah is the largest and one of the busiest container ports in the U.S. Georgia received an A+ for infrastructure in CNBC’s top states report.
What is the of cost business in Georgia?
The cost of doing business in Georgia is relatively low compared to other states. Georgia has a 5.75 percent corporate income tax rate. There is a 4.00 percent state sales tax rate, and an additional sales tax may be applied at the city or county level. A flat state income tax of 5.49% will go into effect on January 1, 2024. That rate will eventually go down to 4.99% by 2029.
What are the challenges of doing business in Georgia?
Companies have voiced concerns about their ability to do business in Georgia due to state legislation around reproductive rights, gun control, and voting. In the past, certain policies have led to the cancellation of projects and events in Georgia, as well as boycott calls for Georgia-based businesses that failed to comment on those policies. Although Georgia performed well in CNBC’s Top States for Business, ranking in the top 10 overall for business competitiveness, the state was awarded a D for Life, Health, & Inclusion, which may be a determining factor when it comes to attracting employees.