New or existing businesses located in an opportunity zone that hire at least two employees may receive an annual income tax credit of $3,500 for each job they create. The credits are good annually for up to five years, or $17,500. There are no limits to particular industries or business types.The tax credits can be used against the business’s income tax liability and/or the business’ state payroll withholding. These business tax credits can be significant for small and medium business owners.
Consequently, if you are a business owner or executive manager and your company is considering a move or expansion to other areas, you may wish to strongly consider locating your office/branch/etc. in an opportunity zone to take advantage of these great tax benefits.
For more information on Georgia opportunity zones and whether or not your city or county has one, go to http://www.dca.state.ga.us/economic/DevelopmentTools/programs/opportunityzones.asp. My city, Atlanta, GA, just had 3 new opportunity zones approved. I’ll research what other states are doing and post information about similar small business support/ economic development programs around the U.S.