Smyrna Opportunity Zone

Filed in Businesses, Government Services by on January 5, 2012

The Georgia Department of Community Affairs (DCA) has awarded an Opportunity Zone designation to portions of the City of Smyrna (view map here). This designation means that any business within the Opportunity Zone which creates at least two new jobs on or after January 1, 2011, is eligible for a Job Tax Credit of $3,500.00 per job. The credit may 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 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”, said Mayor Max Bacon. The new Opportunity Zone focuses on the commercial and retail areas of North Smyrna that have especially struggled in the economic downturn.

To be eligible to receive the opportunity zone designation, the City submitted an application and an urban redevelopment plan to DCA. 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 may award opportunity zone designation.

The designation and related benefits are valid for tax years 2011 through 2021. In order to be eligible to receive the tax credits, businesses must follow a series of specific steps, starting with a signed verification by the City that their business is located within the Opportunity Zone. Click here for instructions on how to claim the Job Tax Credit, program contact information, and a map of the new Opportunity Zone.

Businesses within the Opportunity Zone are being mailed letters of the announcement and directions with a complete list of specific steps and contacts. The claims process is outlined on the website referenced above.

Visit the Georgia Department of Community Affairs website for full Opportunity Zone program information and downloadable forms.

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About the Author ()

Aaron Hofmann is the founder of and also a Realtor with Atlanta Communities focused on the Smyrna real estate market and the Vinings real estate market. Aaron is a transplant from the Midwest (amazingly not a native Atlantan) and has lived in the Smyrna Vinings area for over 10 years. Find Aaron Hofmann on Google+

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