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Economic Development

Posted on: August 12, 2014

Are You a NORCROSS BUSINESS? Does Your Accountant Know if You are in the ZONE? TWO PART SERIES

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This week: The OPPORTUNITY ZONE

TWO PART SERIES


A Job Tax Credit Program open to any business located within defined areas of the City of Norcross. For each full-time job (minimum of 2 NEW jobs), a tax credit of $3,500 may be applied to your corporate income tax liability (prior to claiming withholding).


HIGHLIGHTS:

- Jobs created ONLY WITHIN the Norcross Opportunity Zone designated area

- Credits are available through 2019 as long as the Zone retains its “designation”

- All legal business types may apply for the credit

- Businesses must create at least 2 NEW full-time jobs within a tax year

- All new jobs MUST OFFER health insurance but the employer DOES NOT have to pay for insurance, just offer it

- The credit may be applied against 100% of any corporate income tax liability on the Georgia Income Tax Return and payroll withholding

- Must pay in excess of lowest county wage

Planning a “big expansion”? File a “Notice of Intent” with the Commissioner of Community Affairs, stating the number of expect new jobs and the dates. If accepted, job credits may begin at time of acceptance.

As always, CHECK WITH YOUR ACCOUNTANT.


Read more through the provided document link, BELOW


Copy & paste: http://www.norcrossga.net/DocumentCenter/View/317, to view a larger map.

Next week: The LESS DEVELOPED CENSUS TRACT

See if you are located in the "Zone"
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