Monday, April 25, 2011
© Copyright 2014
Gwinnett Daily Post
NORCROSS — More businesses in Norcross can qualify to receive state tax credits of up to $3,500 for each new job they create.
Norcross officials announced Monday that they were recently notified that the Georgia Department of Community Affairs has approved the city’s application to expand its Opportunity Zone to include the Northbelt Business Park located at Jimmy Carter Boulevard and Best Friend Road. The expanded zone will allow more businesses to qualify for maximum state tax credits.
“Opportunity Zones are one of the most powerful tools available for the City of Norcross’ redevelopment goals,” Mayor Bucky Johnson said. “With this tax credit, the economic benefits gained by the partnership between the (Community Improvement District) and Norcross, the high level of security provided by the city police, and the proximity of Northbelt to the Jimmy Carter and I-85 corridor, we’re set to attract some of the fastest growing companies in the region.”
The incentive, which can be used annually for up to five years, is available to new or existing businesses that create and maintain two or more new full-time jobs, according to a news release. The credits will offset some or all of the business’s income tax liability with any excess applied to its state payroll withholding.
“Opportunity Zones make it more feasible for our existing companies to grow, and they also incentivize new companies to relocate or start up here in Norcross,” said Rusty Warner, Norcross’ economic development manager. “In a tough economy, the savings these tax credits represent are especially meaningful.”
The Opportunity Zone is one of several incentives used to entice new businesses, such as Suniva and FedEx Ground, into the city.
“Opportunity zones add value and interest to those looking to invest in the already successful concept of new urbanism in the Norcross area,” Johnson said. “Our historic downtown has been completely revitalized using unique redevelopment tools, and this Opportunity Zone is just that — another opportunity to expand our revitalization efforts even further throughout the city.”
Businesses interested in additional information on the tax incentive can email Warner at email@example.com. Information can also be found online at www.dca.ga.gov/us.