Skip to main content
Featured Image
City of West Point Logo
City of West Point Award for Live Work Play
.link
Live

This is a description dolor sit amet

Learn more
link
Work

This is a description dolor sit amet

Learn more
link
Play

This is a description dolor sit amet

Learn more
Loading...
Business Taxes & Incentives

BUSINESS TAXES & INCENTIVES

West Point, Georgia maintains a stable business tax environment and offers attractive incentives to new and existing businesses to encourage the creation of new jobs and investment. Various finance options are available for qualified businesses on fixed assets and working capital.

Let our development team energize your project with ideas, incentive possibilities and much more. We never forget our most important job; to help you generate business growth. Email Meghan Duke or call 706-645-3518 for more information.

Georgia' Corporate Income Tax

Georgia’s Corporate Income Tax rate of 6% has remained unchanged since 1969. “Single Factor Gross Receipts” apportionment formula results in a substantial and permanent reduction of Georgia income taxes for companies that manufacture products within the state of Georgia and sell those products or services to customers in other states. This is designed to encourage manufacturing, distribution and service companies to invest or expand in Georgia.

Georgia Business Tax Incentive for Job Creation and Investment

Job Tax Credit Program Qualified businesses in West Point may qualify for this credit if they crated at least 25 new jobs in a calendar year. Job Tax Credits of $1,250 each year for five years for each new full time job created and maintained. For example: $1,250 x 25 new jobs x 5 years = $156,250 in tax credits.

Port Job Tax Credit Bonus is a $1,250 per job bonus for business that already qualify for the job tax credits and have a 10% increase in Georgia Port traffic over the previous year.

Quality Job Tax Credits Businesses qualify for this credit if they create a minimum of 50 new jobs that pay at least 100% of the county average. Credits are per job, per year, for up to 5 years based on an increasing scale system.

Retraining Tax Credits Direct investment for employee retraining for quality and productivity enhancements and certain software technologies may qualify for credits of 50% of the employer's direct cost of up to $500 per employee.

Additional credits are available for equipment, capital investments, retraining employees, childcare, R&D, and small business fast growth companies.

Inventory Tax Exemption (Freeport)

100% Freeport Tax Exemption (ad valorem) with annual filing for the following classes of inventory:

  • Raw materials and goods in process of manufacture
  • Finished goods produced in Georgia within the last 12 months
  • Finished goods destined for shipment out-of-state.

Industrial Revenue Bond (IRD) Financing

Tax exempt bond financing is available for companies seeking to finance the purchase of land, buildings and equipment for eligible manufacturing projects. Rates for tax-exempt bonds are market-based and established on the credit and strength of the individual company and projects.

Property Tax Abatements*

Companies that issue industrial revenue bonds through the West Point Development Authority will qualify to participate in a leaseback agreement and receive reduction in property tax through reduce lease factor rates. The industrial revenue bonds and the leaseback agreement can be executed in a manner to ensure the company can begin site development prior to the finalization of the industrial revenue bond process. The leaseback agreement will allow the company to receive property tax savings by having the real and personal property deeded to the West Point Development Authority. The company will maintain responsibility for the facility and equipment. Under the leaseback agreement, the company will have the ability to have the deed transferred back to the company’s name at any time. Note: When the deed is returned to the company and/or the industrial revenue bonds paid in full, all property tax abatements will end. The value of the reduction in property tax liability is contingent on the qualifying size and scope of the project.

To be considered for Industrial Revenue Bond financing, please contact the City of West Point’s Economic Development Director Meghan Duke for an Industrial Revenue Bond Application.

*These incentives are at the discretion of the West Point Development Authority and local governments. They are evaluated on a case-by-case basis, and the following factors are considered to determine if a project is eligible: number of new jobs to be created, investment (real and personal property) to be made, and wage breakdown.

Sales and Use Tax and Exemptions

West Point and State of Georgia Sales Tax total 7%. Georgia Law provides a 100% sales and use tax exemption for qualified purchases including.

  • Raw materials
  • Goods intended for resale
  • Qualified machinery used directly in the manufacture of tangible personal property
  • Material handling equipment used in qualified distribution businesses.
  • Direct and indirect energy which is integral to the manufacture of personal property (exemption will be implemented over four years, with 25% phased-in (2013) each year until it reached 100%(2016))

Rezoning, Site Plan Review & Building Permits

West Point strives to provide the best service possible to our corporate citizens and future companies. In doing so, West Point offers an efficient and timely rezoning process. The City’s approach to Site Plan and Building Permit review is streamlined to allow for concurrent filing and expedited review.

Grants & Loans

The West Point Development Authority is committed to working with prospects and expanding business to identify local, state, and federal grants to support infrastructure and development costs. Opportunities vary by industry and project scope.

Locally, West Point has one program available to support growing businesses. The Forward Fund is designed to encourage sustainable community development projects that further the economic growth of the community, create employment and housing opportunities for residents, and generally improve the City. The area of specific focus for this program is the 10th Street Area Redevelopment Plan designated district.

City of West Point Forward Fund Loan Program Application

Small Business Financing

The U.S. Small Business Administration offers numerous loan programs to assist small businesses. It is important to note, however, that the SBA is primarily a guarantor of loans made by private and other lending institutions. Such SBA partners include Lenders, Community Development Organizations, and Microlending Institutions.

U.S. Small Business Administration Loans

Basic 7(a) Loan Guaranty – SBA’s primary loan program for small businesses financing when they might not be eligible for loans through normal lending channels. Highly flexible for general business purposes.

Certified Development Community 504 Loan – Long-term, fixed-rate financing to small businesses acquiring real estate, machinery or equipment for expansion or modernization.

Microloan 7(m) Program – Provides short-term loans of up to $35,000 to small businesses and not-for-profit child-care centers for working capital or the purchase of inventory, supplies, furniture, fixtures, machinery and/or equipment. The SBA makes or guarantees a loan to an intermediary, who in turn makes the microloan to the applicant. The applicant’s loans are not guaranteed by the SBA.