• Atlanta provides tax credit incentives for citizens and businesses.tax forms image by Chad McDermott from Fotolia.com
  
  Tax credits are used to reduce the amount of taxes owed or to redistribute taxes paid. Atlanta provides several different tax credit programs for citizens and businesses. The programs vary in the amount of credit allowed and the qualifications and deadlines applicable for each credit program type. The majority of the tax credit programs are tied to federal tax credit programs.
  
  

Private School Tax Credits

• The Georgia Private School Tax Credit Program was created in 2010. The program allows married couples to donate up to $2,500 of their state tax liability to the financial aid program of the Atlanta Speech School. Individuals who wish to take part in the program make a donation to the Apogee Georgia School Scholarship fund. The amount of the donation appears as a tax credit on state income taxes. Additionally, the donation can be used as a contribution deduction for federal taxes. Single individuals can donate and deduct as much as $1,000 and corporations can donate and deduct up to 75 percent of their tax liability. The funds donated provide scholarships for Atlanta Speech School Students enrolled in public schools. The tax deductions must be taken the same year as the donation is made.
  
  

Housing Tax Credits

• In May 2009, Governor Sonny Perdue signed House Bill 261 into law to spur the lagging housing market. The bill provides home buyers with a tax credit of $1,800 or 12 percent of the home purchase price. Buyers must take the lesser of the two options. The credit is spread over a three-year period, with one third taken each year. The credit is in addition to the federal tax credit established by the American Recovery and Reinvestment Act.
  
  

Housing Tax Credit Program

• The Housing Tax Credit Program provides state and federal tax credits to owners of multi-tenant rental properties who lease all or part of their units to low income tenants. The specifics of the credit program are outlined in Georgia's Qualified Allocation Plan. The federal tax credit is available each year for a 10-year period. The amount of tax credits available each year are published by the Georgia Department of Community Affairs.
  
  

Renewal Community Wage Credit

• Atlanta was one of 40 communities designated as a Renewal Community (RC) by the U.S. Department of Housing and Urban Development (HUD). The designation qualified Atlanta business owners for tax incentives and credits. To qualify, the business must have employees that live and work within the RC boundaries. The tax credit allowed is $1,500 for each qualified employee for each year Atlanta maintains RC designation. A tax credit of "15 percent of the first $10,000 in wages per employee" may be taken on an annual basis according to the Atlanta Development Authority. The deductions may be taken over a 20-year period. The tax credits also apply to property owners who renovate buildings for residence or business use within the RC boundaries.