The Georgia Department of Community Affairs (DCA) works with local and regional authorities to assess and determine opportunity zones. Why are these good for business?

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.