Several state lawmakers are coming out in support of a tax credit that would create thousands of jobs at Lockheed Martin Aeronautics in Cobb County. Gov. Brian Kemp and Lockheed Martin officials recently announced that this incentive — created by Senate Bill 6 — could create approximately 3,000 new jobs and result in an economic impact of up to $1.6 billion, and Rep. Tyler Paul Smith (R-Bremen) is excited about the impact this will have on Georgia.
SB 6, sponsored by Sen. John Albers (R-Roswell) amends the income tax credit for high-impact aerospace defense projects. These projects must be certified by the Georgia Department of Economic Development as materially supportive of the mission of the Georgia Joint Defense Commission and the Governor’s Defense Initiative.
“I know firsthand the type of impact these economic initiatives have on real Georgians and the citizens of the 18th House District,” says Rep. Tyler Smith, R-Bremen. “My Dad has worked for Lockheed Martin for 35 years now, and my great grandfather, Emory Hoyt Smith, worked there back when it was the ‘Bell Bomber Plant’ during World War II and then again when it became Lockheed after the war.” “West Georgians as well as those in the Cobb County area,” Smith says, “earned a great living with employment by Lockheed Martin and helped produce the cutting-edge technology and tools our armed forces need to complete their mission to protect life, liberty and pursuit of happiness. I am proud to have voted ‘yes’ for the legislation that allows for this type of tax credit, and I look forward to supporting future legislation that will create and keep excellent jobs here in Georgia.”
SB 6 allows a high-impact aerospace defense project to start claiming manufacturing facility tax credits once it achieves 1,000 Georgia-based jobs and a $500 million investment. However, the project must certify that it will later achieve 1,800 Georgia-based jobs and an $800 million investment. The bill also increases the total cap on credits for any individual project from $50 million to $100 million for high-impact aerospace defense projects and allows these projects to claim either a quality jobs tax credit or mega-project tax credit along with existing manufacturing tax credits.
Lockheed Martin Aeronautics is one of the top three employers in Marietta, and the corporation primarily produces military transport planes. SB 6 – the “Tax Credit Return on Investment Act of 2021”–was signed into law by the governor in May.
