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Economic Development

Posted on: December 30, 2015

FISCAL YEAR END? Are You a NORCROSS BUSINESS? Does Your Accountant Know if You Are in the ZONE?

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Department of Economic Development

As 2015 ends, the Department of Economic Development would like to remind you about two job tax credit incentives you should discuss with your accountant (Check first to see if you are "in the Zone").

Both incentives are listed below, with links to their associated maps.
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OPPORTUNITY ZONE

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).

DETAILS:
- Jobs created ONLY WITHIN a 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
- A business 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 toward 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 expected new jobs and the dates. If accepted, job credits may begin at time of acceptance.

As always, CHECK WITH YOUR ACCOUNTANT.

Read more-copy & paste: http://www.norcrossga.net/DocumentCenter/View/317, to view a larger map.

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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.


DETAILS:
- Jobs created ONLY WITHIN a 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
- A business 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 toward 100% of any corporate income tax liability on the Georgia Income Tax Return and payroll withholding
- Must pay in excess of lowest county wage

Read more-copy & paste: http://ga-norcross.civicplus.com/DocumentCenter/View/587, to view a larger map.

______________________________________________________________________________

As always, CHECK WITH YOUR ACCOUNTANT.


For additional information contact:

Georgia Department of Community Affairs
60 Executive Park South, N.E.
Atlanta, Georgia 30329-2231
Dawn Sturbaum at (404) 679-1585

or

Norcross Department of Economic Development: http://www.norcrossga.net/FormCenter/Economic-Development-7/Economic-Development-Additional-Informat-67

More information from the DCA...
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