Incentive offers tax credits to encourage business growth and job creation
(GWINNETT- METRO ATLANTA) January 7, 2013- The Georgia Department of Community Affairs (DCA), in partnership with Gwinnett County, Gwinnett Place Community Improvement District (CID) and Gwinnett Chamber Economic Development, announced the approval of an Opportunity Zone in the Greater Gwinnett Place area. The incentive, which is available for new or existing businesses that create two or more new net jobs for Georgia, offers the State’s maximum job tax credit—$3,500 per job—and additional credits to be used against the business’s income tax liability and state payroll withholding.
“We congratulate Greater Gwinnett Place on this achievement and look forward to the positive economic impact this Opportunity Zone will have on our community,” stated Gwinnett County Commissioner Chairman Charlotte Nash. “The implementation of this Opportunity Zone will strongly benefit local businesses and will continue to put Gwinnett at a competitive advantage in its recruitment efforts.”
Designed to foster job growth and revitalization, Opportunity Zones assist areas with a strong economic base, but in need of redevelopment, by providing tax incentives to generate the creation of new jobs. Opportunity Zones (OZ) allow businesses located within its boundaries to enjoy the waiver and abatement or exemption of certain state taxes while promoting additional investment into the community.
Joe Allen, Executive Director for the Gwinnett Place CID, commented, “The creation of this Opportunity Zone further promotes revitalization and economic vitality within Gwinnett’s central business district. This designation will be instrumental as we continue to support existing businesses, while attracting new investment to the area.”
To become eligible for the tax credit incentives offered through the Greater Gwinnett Place Opportunity Zone program, a business is first required to submit a formal application and receive eligibility approval from the DCA, while also creating and maintaining two or more net new jobs for the State of Georgia. Since the OZ designation is retroactive to the beginning of 2012, companies that added jobs in the OZ in 2012 are also eligible to receive the tax credits.
“The Greater Gwinnett Place Opportunity Zone is a valuable tool designed to further cultivate community and economic development in the community,” stated Gwinnett County Administrator Glenn Stephens. “This incentive will serve as a platform to attract and retain business, promote investment, and improve the overall quality of life in the Gwinnett Place area and surrounding communities.”
Gwinnett Chamber Economic Development works to support revitalization, economic stability, and business growth efforts throughout one of metro Atlanta’s largest and most diverse counties. Senior Vice President of Gwinnett Chamber Economic Development, Nick Masino, commented, “The combination of office space inventory available in the Gwinnett Place area, coupled with the incentives offered through the Opportunity Zone, provides a unique business advantage. The introduction of this Opportunity Zone will serve as yet another tool to support the County’s growing economic base.”
The Greater Gwinnett Place Opportunity Zone is the County’s third, complimenting the existing zones in the Gwinnett Village area and another in the City of Norcross.
To view the Opportunity Zone boundaries, please visit the Gwinnett Chamber Economic Development website at gwinnetteconomicdevelopment.com or Greater Gwinnett Place OZ Map. For information on how to benefit from the Opportunity Zone incentives, please click here. Information on the Gwinnett Place CID can be found at gwinnettplacecid.com. To speak with an Economic Development team member, visit gwinnetteconomicdevelopment.com.