What is an Opportunity Zone?
In Georgia, an Opportunity Zone is defined as any underdeveloped area or area that has been planned for redevelopment or revitalization. Since businesses in the Opportunity Zone have the ability to revive a community through job creation, those businesses are allotted job tax credits by the government when they hire new employees.
What are the Requirements for an Opportunity Zone Tax Credit?
According to the Georgia Department of Economic Development, the requirements for an Opportunity Job Tax Credit are:
- Businesses must be located in state designated Opportunity Zones.
- Businesses have to create at least 2 jobs.
How can Businesses benefit from the Opportunity Job Tax Credit?
- Businesses can get $3,500 per job created.
- Businesses can use Job Tax Credits against 100% of Georgia income tax liability and withholding tax.
- Businesses can use the credits to expand operations and hire more people.
- Businesses of any nature can qualify as long as those businesses are in the Opportunity Zone.
Contact us for a free, no risk, no obligation consultation to find out if your business is in the Opportunity Zone.