Does your company invest in employee training for new equipment, software or technology? If so, you may be eligible for a government tax credit for up to 50 percent of the cost of each approved training program. The
Georgia Retraining Tax Credit program is one of those hidden gems that many companies are learning about with the help of AGH’s State and Local Taxation Practice. Created to foster business growth in Georgia as well as to enhance employee productivity, the statewide tax credit helps companies offset the costs of implementing new technology through employee retraining in qualified areas such as technology, software or operating systems.
With many companies unaware of the program’s existence or the most efficient ways of identifying eligible retraining programs within their organizations, AGH’s state and local tax experts can help mid to large sized companies identify such programs. AGH can help not only file for the current year’s tax credit but also help companies reap the benefits of previous expenditures from the past three years by filing amended returns, all in a seamless manner.
According to Mike Sklar, an expert in the area of corporate tax relief and a Manager in the AGH State and Local Taxation Practice, clients are saving taxes and in some cases even receiving money from the State of Georgia simply for investing in their own employees. “Many companies don’t even know this program exists and are essentially losing money by not filing for the credit,” says Sklar. “While the initial filing can be difficult in terms of identifying eligibility, once we are able to capture the necessary data, file current year tax returns and amend previous year’s tax returns, the savings are immediate and quite surprising.”
A short list of the qualifying costs associated with the tax credit include:
- Instructor fees
- Employee wages
- Equipment
- Video presentations
- Books
- Supplies
- Travel
For additional information about the Georgia Retraining Tax Credit program, information about eligibility or to schedule a retraining tax credit assessment for your company, contact Mike Sklar at (404) 835-1858 or
Mike.Sklar@aghllc.com.