Form It-Qj - Application For Georgia Quality Jobs Tax Credit (Page 7 of 8) in pdf

IT-QJ

(REV 2/10)

Credit Calculation*

Year

Line 1: Credit Amount for new quality

jobs created in Year 1. Multiply Line 1

(from page 6), by $2,500, $3,000,

$4,000, $4,500, or $5,000.

Line 2: Credit Amount for new quality

jobs created in Year 2. Multiply Line 2

(from page 6), by $2,500, $3,000,

$4,000, $4,500, or $5,000.

Line 3: Credit Amount for new quality

jobs created in Year 3. Multiply Line 3

(from page 6), by $2,500, $3,000,

$4,000, $4,500 or $5,000.

Line 4: Credit Amount for new quality

jobs created in Year 4. Multiply Line 4

(from page 6), by $2,500, $3,000,

$4,000, $4,500 or $5,000.

Line 5: Credit Amount for new quality

jobs created in Year 5. Multiply Line 5

(from page 6), by $2,500, $3,000,

$4,000, $4,500 or $5,000.

Line 6: Credit Amount for new quality

jobs created in Year 6. Multiply Line 6

(from page 6), by $2,500, $3,000,

$4,000, $4,500 or $5,000.

Line 7: Credit Amount for new quality

jobs created in Year 7. Multiply Line 7

(from page 6), by $2,500, $3,000,

$4,000, $4,500 or $5,000.

Line 8: Credit amount

Line 9: Carryover from prior years

Line 10: Add lines 8 and 9, total credit

amount

Taxpayer shall receive the same credit amount for each new quality job created in the same tax year. Taxpayer must recalculate their credit amount each year the credit is claimed. To

calculate the taxpayer’s credit amount, the taxpayer must calculate the average weekly wage for all new quality jobs in a taxable year. To calculate the average weekly wage for all new

quality jobs in a taxable year, the taxpayer must add all wages for all new quality jobs created in that taxable year and divide the result by the average number of all new quality jobs,

then divide the result by 52 to arrive at the average weekly wage paid to each new quality job; then the taxpayer must compare their average weekly wage to the county average weekly

wage (using the county average wage from the year in which the new quality jobs were created). If the taxpayer’s average weekly wage for all new quality jobs in a taxable year is:

110% or more but less than 120% of the average wage of the county in which the new quality jobs are located then the credit amount is $2,500; 120% or more but less than 150% of the

average wage of the county in which the new quality jobs are located then the credit amount is $3,000; 150% or more but less then 175% of the average wage of the county in which the

new quality jobs are located the credit amount is $4,000; 175% or more but less then 200% of the average wage of the county in which the new quality jobs are located the credit

amount is $4,500; 200% or more of the average wage of the county in which the new quality jobs are located the credit amount is $5,000. If in years two through seven the taxpayer’s

average weekly wage/county average wage is less than 110 percent of the applicable county average wage in which the new quality jobs are located, the taxpayer will be entitled to

claim a credit of $2,500 for each of the additional new quality jobs created in such taxable year(s).