Harrisburg receives Opportunity Zone designation
The state of Georgia has announced that the Harrisburg area in Augusta has been chosen for a program that will encourage new businesses to locate in the city or existing businesses to expand. When two or more jobs are created, businesses within the Opportunity Zone may be eligible to receive $3,500 in employee tax credits for each new job.
“The introduction of Opportunity Zones in Augusta will serve as another strong tool to supplement the already progressive and tremendously successful efforts of our economic development team. As a board member of the Georgia Department of Community Affairs, I’ve had the opportunity to witness firsthand the positive economic impact these zones have had on other cities throughout the state. The implementation of these zones in our community will be a strong benefit to local businesses and will help to put us at a competitive advantage in our recruitment efforts.” states Mayor Copenhaver.
Augusta's newest opportunity is shown below.
Businesses may claim the tax credits for every new job created for four years, beginning in January 2009. The salaries of the new jobs must be above the average range of the poorest county in Georgia. Businesses may claim the tax credits against their income tax liability and/or state payroll withholding.
The city had to submit an application and an urban redevelopment plan to be eligible to receive the opportunity zone designation. If an area is in or adjacent to a census block group with 15 percent or greater poverty where an enterprise zone or urban redevelopment plan currently exists, the Georgia Department of Community Affairs (DCA) may award an opportunity zone designation.
In order to be eligible to receive the tax credits, businesses will have to verify that they are within Augusta's opportunity zones. Businesses will have to submit an application to the state, which George Patty of Augusta Richmond County Planning and Zoning will sign to verify their location within the zone. The opportunity zones will be in effect for 4 years.