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Economic Development

Posted on: August 19, 2014

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

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This week: The LESS DEVELOPED CENSUS TRACT (LDCT)

A Job Tax Credit Program open to businesses located within defined areas of the City of Norcross, of which more than 50% of the city is within this Zone.

HIGHLIGHTS:

- Jobs created ONLY WITHIN the Norcross Less Developed Census Tract designated area. For each full-time job (minimum of 5 NEW jobs), a tax credit of $3,500 may be applied to your corporate income tax liability (prior to claiming withholding), per year, for 5 years

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

- All legal business types may apply, but retail is not indicated as an acceptable business for this particular 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


As always, CHECK WITH YOUR ACCOUNTANT.


Read more through the provided document link, BELOW


Copy & paste: http://www.norcrossga.net/DocumentCenter/View/587, to view a larger map.

See if you are located in the "Zone"
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