What are local economic development tools? Which are available in Gwinnett County?
Local economic development tools are tax incentives that help to build up the economic capacity of a local area (i.e. city or county) to improve the quality of life through a collaborative process between the public, business, and nonprofit sectors. In the state of Georgia, some of these tools include enterprise zones, state opportunity zones, the Redevelopment Fund Program, and the Regional Economic Assistance Project. While there are no reported enterprise zones in the Gwinnett County area, opportunity zones exist in the county.
What are state opportunity zones?
State opportunity zones (OZ) are designated areas that are within or adjacent to a census block group with 15%+ poverty where an enterprise zone or urban redevelopment plan exists. Businesses creating 2 or more net permanent full-time jobs working at least 35 hours a week with a wage of at least $541/week in a single tax year may be eligible to receive a state job tax credit of $3,500 per employee if their businesses are in the state opportunity zones. The tax benefits include the following: the maximum job tax credit allowed under law, the lowest job creation threshold of any job tax credit program, the use of job tax credits against 100% of Georgia income tax liability and withholding tax, and the provision for businesses of any nature to qualify. To view the boundaries applicable to these state opportunity Zones, please refer to the maps.
Where are the opportunity zones located in Gwinnett County?
There is a total of 4 opportunity zones in Gwinnett County. The Gwinnett County OZ and the Gwinnett Place OZ are the county-sponsored locations while the City of Norcross OZ and the Duluth OZ are the city-sponsored sites. To view the boundaries applicable to these Opportunity Zones, please refer to the maps located HERE.
Who manages the state opportunity zones?
The Department of Community Affairs (DCA) manages the applications for these local designations.
What types of businesses qualify?<br />
The state opportunity zone program allows for businesses of any nature to qualify.