GA HB956

Allows the $500 per new full-time employee job tax credit for businesses in joint development authority jurisdictions (two or more contiguous counties) to be applied against the employer's quarterly or monthly withholding tax payments under Code Section 48-7-103

Expands the ability of businesses in tier 1 counties to apply their $3,500 per new employee job tax credit against withholding tax payments when the credit exceeds income tax liability, and extends similar withholding-offset treatment to tier 2 businesses (previously limited to competitive projects) for their $2,500 credit

Allows existing manufacturing and telecommunications facilities in tier 1, 2, 3, and 4 counties to apply excess investment tax credits (amounts exceeding 50% of Georgia income tax liability) against quarterly or monthly withholding tax payments

Permits the additional $1,250 job tax credit for businesses increasing port traffic by more than 10% above their base year to be applied against withholding tax payments in the same manner as underlying job or investment credits

Effective date of July 1, 2014; credits applied against withholding payments and corresponding employee income tax credits shall not constitute taxable income to the taxpayer or employee