The Opportunity Zone Job Tax Credit Program offers the highest and most user-friendly job tax credit in the state. The program offers dramatic tax advantages.
First, the designated zone is eligible for the maximum state job tax credit of $3500 per new employee for five years starting the year of the hire. There are no restrictions on the type of jobs created.
Second, ANY legal business that pays Georgia income tax is eligible.
Third, only two or more new jobs need to be created in any one year to be eligible (other programs require ten), and there is no maximum limit on the jobs created.
Fourth, and most significant, if the company’s state income tax liability cannot absorb all of the credits, the balance may be taken by retaining employee withholding taxes that would normally be paid to the state. This allows the credit to be “cashed out” quickly and easily. The amounts retained by the company from employee withholding do NOT have to pay Georgia income tax and may not be subject to federal income tax, so the company gets the full value of the credited dollars. Note that there are flow-through opportunities to pass the credit to partners, shareholders, etc.
For more information on the Opportunity Zone, contact Roswell Inc Executive Director at 678.823.4004 x 1001.