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(a) As used in this Code section, the term:
(1) “Base year port traffic” means the total amount of net tons, containers, or twenty-foot equivalent units (TEU’s) of product actually imported into this state or exported out of this state by way of a waterborne ship or vehicle through a port facility during the period from January 1, 1997, through December 31, 1997; provided, however, that in the event the total amount actually imported into this state or exported out of this state during such period was not at least 75 net tons, five containers, or ten twenty-foot equivalent units (TEU’s), then “base year port traffic” means 75 net tons, five containers, or ten twenty-foot equivalent units (TEU’s).
(2) “Business enterprise” means any business located in a tier 2 or tier 3 county established pursuant to Code Section 48-7-40 and in a less developed area established pursuant to Code Section 48-7-40.1 and which qualifies and receives the tax credit under Code Section 48-7-40.1 and which:
(A) Consists of a distribution facility of greater than 650,000 square feet in operation in this state prior to December 31, 2008;
(B) Distributes product to retail stores owned by the same legal entity or its subsidiaries as such distribution facility; and
(C) Has a minimum of eight retail stores in this state in the first year of operations.
(3) “Port traffic” means the total amount of net tons, containers, or twenty-foot equivalent units (TEU’s) of product imported into this state or exported out of this state by way of a waterborne ship or vehicle through a port facility.
(4) “Product” means a marketable product or component of a product which has an economic value to the wholesale or retail consumer and is ready to be used without further alteration of its form or a product or material which is marketed as a prepared material or is a component in the manufacturing and assembly of other finished products.
(b) (1) In the case of any business enterprise which has increased its port traffic of products during the previous 12 month period by more than 10 percent above its base year port traffic and is qualified to claim a job tax credit under Code Section 48-7-40 or 48-7-40.1 for jobs added at any time on or after January 1, 1998, there shall be allowed an additional $1,250.00 job tax credit against the tax imposed under this article.
(2) The tax credit described in this subsection shall be allowed subject to the conditions and limitations set forth in Code Section 48-7-40 and shall be in addition to the credit allowed under Code Section 48-7-40; provided, however, that such credit shall not be allowed during a year if the port traffic does not remain above the minimum level established in this Code section.
(c) No business enterprise shall be authorized to claim the credits provided for in both subsection (b) of this Code section and subsection (b) of Code Section 48-7-40.15 on a tax return for any taxable year unless such business enterprise has increased its port traffic of products during the previous 12 month period by more than 20 percent above its base year port traffic and has increased employment by 400 or more no sooner than January 1, 1998.
(d) (1) The credit granted under this Code section shall be subject to the following conditions and limitations:
(2) For every year in which a taxpayer claims the credit, the taxpayer shall attach a schedule to the taxpayer’s state income tax return which shall set forth the following information, as a minimum, in addition to the information required under Code Sections 48-7-40 and 48-7-40.2 or Code Section 48-7-40.7:
(A) A description of how the base year port traffic and the increase in port traffic were determined;
(B) The amount of the base year port traffic;
(C) The amount of the increase in port traffic for the taxable year, including information which demonstrates an increase in port traffic in excess of the minimum amount required to claim the tax credit under this Code section;
(D) Any tax credit utilized by the taxpayer in prior years;
(E) The amount of tax credit carried over from prior years;
(F) The amount of tax credit utilized by the taxpayer in the current taxable year; and
(G) The amount of tax credit to be carried over to subsequent tax years.
(3) (A) Any tax credit claimed under subsection (b) of this Code section but not used in any taxable year may be carried forward for ten years from the close of the taxable year in which the qualified jobs were established, provided that the increase in port traffic remains above the minimum levels established in Code Section 48-7-40 and this Code section, respectively.
(B) The tax credit established by this Code section in lieu of Code Section 48-7-40.2, 48-7-40.3, or 48-7-40.4 and taken in any one taxable year shall be limited to an amount not greater than 50 percent of the taxpayer’s state income tax liability which is attributable to income derived from operations in this state for that taxable year.
(C) The tax credit established by this Code section in addition to that pursuant to Code Section 48-7-40 and taken in any one taxable year shall be limited to an amount not greater than 50 percent of the taxpayer’s state income tax liability which is attributable to income derived from operations in this state for that taxable year.
(D) The sale, merger, acquisition, or bankruptcy of any taxpayer shall not create new eligibility for any succeeding taxpayer, but any unused credit may be transferred and continued by any transferee of the taxpayer.
(e) No tax credit may be claimed and allowed pursuant to this Code section for any jobs created on or after January 1, 2015. History. Code 1981, § 48-7-40.15A, enacted by Ga. L. 2009, p. 816, § 7/HB 485; Ga. L. 2013, p. 141, § 48/HB 79. Editor’s notes. Ga. L. 2009, p. 816, § 1/HB 485, not codified by the General Assembly, provides that: “This Act shall be known and may be cited as the ‘Improved Taxpayer Customer Service Act of 2009.’ ”