Opportunity Zones are Georgia’s best tax credit for job creation. Businesses creating two or more net jobs in a tax year may be eligible to receive a State tax credit of $3,500 per employee if their businesses are located in eligible zones.
The Opportunity Zone Job Tax Credit’s benefits include:
- The maximum Job Tax Credit allowed under law – $3,500 per job created
- The lowest job creation threshold of any job tax credit program – 2 jobs
- Use of Job Tax Credits against 100 percent of Georgia income tax liability and withholding tax
- Provides for businesses of any nature to qualify, not just a defined “business enterprise”
Net new jobs must meet 3 criteria to be eligible for the Job Tax Credit:
- Must be permanent full-time jobs working a minimum of 35 hours per week
- Must pay in excess of the lowest average wage of any county in the state (approximately $22,000)
- Must be offered health insurance upon employment, although the employer is not required to pay for such insurance
Visit the Georgia Department of Community Affairs website for additional information about the tax credit.
To see if you are located in an Opportunity Zone, use the Georgia Department of Community Affairs’ interactive map.
If your business meets the eligibility criteria, please follow the step-by-step application process which is outlined below:
Step 1: Individuals must complete “Part One” of the Opportunity Zone Certification for their businesses in one of two ways. Either fill out & sign electronically by clicking here or download form here so that you may fill out, sign, and email to Ms. Randi Mason and/or Mr. Pierce Walker.
Step 2: Credit is claimed by filing Form IT-CA with the Georgia Corporation Income Tax return, along with a copy of the accepted Opportunity Zone Certification.
Step 3: Business must file Form IT-WH with the Department of Revenue (DOR) at least 30 days prior to the filing of the original tax return in which the credit will be filed and claimed.
After this step, DOR has 120 days to review the job tax credit once the return is filed. Business will receive notification from DOR of approved credit and when to claim against WH. Business will then apply credit to WH returns until fully utilized.