SMYRNA — Businesses located within a so-called Opportuniy Zone in the northern portion of this Metro Atlanta city that created at least two new jobs this year are eligible for a $3,500 tax credit per job, officials said.
“For new and expanding Smyrna businesses, this is an incentive for investing resources in the City of Smyrna. For property owners, the Opportunity Zone designation is a tool for recruiting new tenants to commercial spaces” Mayor Max Bacon said in a news release.
To be eligible to receive the opportunity zone designation, Smyrna officials submitted an urban redevelopment plan to the state’s Department of Community Affairs. If an area is in or adjacent to a census block group with 15 percent or greater poverty where an urban redevelopment plan currently exists, DCA can award opportunity zone designation.
According to the city, the credit can be applied against Georgia income tax liability and state payroll withholding for five years, beginning with the tax year in which the new jobs were created.
For more information about the zone, visit http://www.smyrnacity.com/index.aspx?page=764.