Over the last year, there has been a flood of news media headlines detailing the exodus of talented young professionals from states like New York and California to the South — particularly Georgia. Businesses are also recognizing all the South has to offer. According to Area Development magazine, all but one state in their annual listing of “Top States for Doing Business” was in the South, with Georgia No. 1. For six years in a row, a similar publication, Site Selection magazine, has ranked Georgia as the No. 1 state in the nation in which to do business.Georgia attracts and retains businesses from all over the world better than any other state in the nation. The reasons for this are plenty, but it all starts with our business environment. Georgia is one of only a handful of states to maintain a AAA bond rating from all three major agencies. In January of this year, the new, lower corporate tax rate of 5.75 percent went into effect, which is several percentage points lower than many of our neighbors to the north. Businesses have recognized Georgia’s assets and have responded accordingly. Nine out of 10 Fortune 500 companies maintain a presence in Georgia, while 17 of these companies have located their world headquarters here. Essentially, we offer a better business climate, a better corporate tax environment, and more lucrative business incentives than other states — all at a much lower cost.
A big part of Georgia’s appeal is due to the Georgia Film Tax Credit. According to the Atlanta Journal and Constitution, during the 2018 fiscal year, Georgia facilitated 455 qualified television and film productions. In total, an estimated $2.7 billion impact can be directly tied back to these productions. Astoundingly, Georgia was ranked higher than California, New York, and even the entire United Kingdom for film according to a study completed in 2017. The Film Tax Credit has been a wonderful piece of policy that has grown our economy, but it is only one piece of a much larger puzzle.
A massive reason for our success is the fact that we hold true to the values that make us uniquely Georgia. We have a history and a tradition of fiscal discipline that requires our legislature to pass a balanced budget each year, preventing our state from kicking the can down the road for future officials to deal with. We also offer conservative policies that support small businesses and working families, which has resulted in a low tax burden faced by citizens and one of the lowest debt-per-capita levels in the country. Georgia has been able to achieve all this growth while simultaneously providing citizens with the single biggest tax cut in state history last year, with more cuts planned for the future.
These policies are where Georgia diverges significantly from other states that are traditionally referred to as economic hubs. We have a lower corporate tax rate, a lower income tax rate, better incentives, higher bond ratings, but most importantly, people who are second to none. We could list the reasons why Georgia is the best state to live, work, and raise a family all day, from our caring and giving communities, exceptional higher education institutions, and the most dedicated workforce in the country. But, our track record of growth and success is proof enough that Georgia has become a true economic engine that shows no signs of slowing down.
to your business!