Greater Gwinnett Place got an economic boost this week when it was designated an Opportunity Zone. Tax incentives that encourage business and job growth become available in the zone.
The Georgia Department of Community Affairs (DCA) in partnership with Gwinnett County, Gwinnett Place Community Improvement District (CID) and Gwinnett Chamber Economic Development announced approval of the new Opportunity Zone in unincorporated Duluth Monday.
Opportunity Zones assist areas with a strong economic base, but in need of revitalization, by providing tax incentives to generate the creation of new jobs.
The tax incentives, which are available for new or existing businesses that create two or more new net jobs for Georgia, offer the state’s maximum job tax credit – $3,500 per job – and additional credits to be used against the business’s income tax liability and state payroll withholding.
“The creation of this Opportunity Zone further promotes revitalization and economic vitality within Gwinnett’s central business district,” said Joe Allen, executive director of the Gwinnett Place CID, in a press release issued by the chamber. “This designation will be instrumental as we continue to support existing businesses, while attracting new investment to the area.”
“We congratulate Greater Gwinnett Place on this achievement and look forward to the positive economic impact this Opportunity Zone will have on our community,” stated Gwinnett County Commissioner Chairman Charlotte Nash in the press release.
To become eligible for the tax credits, a business must submit a formal application and receive eligibility approval from the DCA and create and maintain two or more net new jobs. The Opportunity Zone designation is retroactive to the beginning of 2012, so companies that added jobs in the zone in 2012 are also eligible to receive the tax credits.
The Greater Gwinnett Place Opportunity Zone is the county’s third zone. Others are located in the Gwinnett Village area and in the City of Norcross.
To view the Greater Gwinnett Place OZ boundaries, visit the Gwinnett Chamber Economic Development website at gwinnetteconomicdevelopment.com or Greater Gwinnett Place OZ Map. A map also accompanies this article.
For information on how to benefit from the Opportunity Zone incentives, click here. Information on the Gwinnett Place CID can be found at gwinnettplacecid.com. Visit gwinnetteconomicdevelopment.com for additional assistance.