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Opportunity Zone Job Tax Credit Summary

The Opportunity Zone Job Tax Credit Program administered by the Department of Community Affairs offers the highest and most user-friendly job tax credit in the state! The program offers dramatic tax advantages. First, the designated area, or zone, is eligible for the maximum state job tax credit of $3500 per net new employee for five years starting the year of the hire. There are no restrictions on the type of jobs created. Second, any legal business that pays Georgia income tax is eligible. Third, only two or more net new jobs need to be created in any one year to be eligible (other programs require ten), and there is no upper limit on eligible jobs. Fourth, and most significant, if the company’s state income tax liability is insufficient to absorb all of the credits the balance may be taken by retaining employee withholding taxes that would otherwise be paid to the state. This allows the credit to be "cashed out" quickly and easily. The amounts retained by the company from employee withholding are exempt by law from Georgia income tax and may not be subject to federal income tax, so the company gets the full value of the credited dollars. Note that there are flow-through opportunities to pass the credit to partners, shareholders, etc.

All the features of the Opportunity Zone Job Tax Credit are listed in the Fact Sheet. For more information on the Opportunity Zone, contact Alice Wakefield at awakefield@roswellgov.com or 770-594-6173.


Public Hearing Notice

The current Opportunity Zone program will expire December 31, 2020. As an important job-creation incentive, the City will hold a public hearing October 13, 2020 at 7pm during the City Council meeting, to apply for a new Opportunity Zone. This meeting will be held virtually, using Zoom. Please click here to watch the meeting.

The proposed boundaries will be: along the commercial corridors are the intersection of West Crossville Road and Crabapple Road to the West, Upper Hembree Park Road (City limits) to the North, Holcomb Bridge Road (SR 9) and Terramont Drive and along Holcomb Bridge Road towards Gwinnett County to the East and Norcross Road to the South.

A copy of the Urban Redevelopment Plan is available for public review here and in the Roswell Community Development Department, 38 Hill Street, Suite G-30, Roswell, Georgia.

Please email public comments pertaining to this specific agenda items to awakefield@roswellgov.com in advance of the meeting.


 

Resources

Opportunity Zone Example

Year
Total Jobs Created
Credit
Tax Liability
Withholding
Year 1
2
$7,000
$1,200
$5,800
Year 2
3
$10,500
$1,000
$9,500
Year 3
3
$10,500
$1,500
$9,000
Year 4
4
$14,000
$1,700
$12,300
Year 5
4
$14,000
$1,900
$12,100
Year 6
5
$7,000
$2,100
$4,900
Year 7
5
$3,500
$2,050
$1,450
Year 8
6
$3,500
$1,800
$1,700
Year 9
6
$0
$0
$0
Totals
$70,000
$13,250
$56,750

Roswell Opportunity Zone

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