Yes, there is a new State Opportunity Zone in the City of Smyrna, Georgia. And to celebrate, we’ve added a new link to the State Tax Incentive Links bar on the WOTCPlanet.com news blog.
According to the program’s website:
Local governments which undertake redevelopment and revitalization efforts in certain older commercial and industrial areas can now qualify those areas for the State’s maximum state job tax credit of $3,500 per job. The incentive which is available for new or existing businesses which create two or more jobs are credits which can be taken against the business’s income tax liability and state payroll withholding. The credits are available for areas designated by [the Georgia Department of Community Affairs] as “Opportunity Zones”.
Some additional details:
- the maximum Job Tax Credit allowed under law – $3,500 per job created
- the lowest job creation threshold of any job tax credit program – 2 jobs
- use of Job Tax Credits against 100 percent of income tax liability and Withholding
- expansion of the definition of “business enterprise” to include all businesses of any nature
For a full list of the state’s more than 70 zones, visit the program’s page on the Georgia Department of Community Affair’s website.