Our recent Annual Business Survey showed that 62% of respondents were not familiar with Roswell’s job tax credit called the Opportunity Zone. Based on that data, we thought this would be a great time to provide some fresh information about this incentive and how it works.
The Opportunity Zone is a state incentive program available to local governments that apply to have an area of their community designated as an Opportunity Zone to encourage redevelopment and revitalization in certain older commercial and industrial areas.
Roswell’s Opportunity Zone is one of the largest in the state and is available to any Roswell business located within the zone – whether you are a new business or have been around for 20+ years.
Here’s how it works:
- If your business hires at least two new employees in one year, your company is able to receive a $3,500 tax credit per new job created for up to five years.
- There is no maximum limit on the number of new jobs created that can take advantage of the tax credit.
- Your business must be registered in Roswell and be located within the boundary of the Opportunity Zone to qualify – View the Opportunity Zone Map here
- The job credit is used against 100% of Georgia income tax liability and withholding tax.
- You can only apply for the tax credit through 2020. (The five-year credit, itself, can extend past 2020.)
Many of you indicated in the survey that you anticipate hiring additional employees in the coming year.
If you are one of those businesses, and you are located in the Opportunity Zone, make sure to contact us to learn more about how to take advantage of this incentive! You can email Debra Ewing, our Business Outreach & Development Coordinator, at firstname.lastname@example.org.
You can also learn more about the program and apply through the City of Roswell’s website.