This credit is targeted at fast-growing small businesses experiencing three consecutive years of 20 percent or more growth in corporate income tax liability.
Qualifying businesses must have annual corporate income tax liability of $1.5 million or less. The credit in the current year is computed by deducting 120 percent of the previous year’s taxable income from the current year’s taxable income. The credit may be used against up to 50 percent of Georgia corporate income tax liability after all other credits have been applied.