Mayor Andre Dickens and Invest Atlanta recently announced that areas of Downtown Atlanta have been approved as an Opportunity Zone by the Georgia Department of Community Affairs (DCA). Opportunity zones help encourage business growth, job creation and economic revitalization by providing a tax incentive to businesses that create jobs within the designated area.

“With its historic buildings, walkability and access to transit, Downtown is a great place to start or expand a business in Atlanta. This designation provides a tool to thoughtfully attract investment, accelerate growth and create new jobs in an area poised to thrive in the years to come,” said Atlanta Mayor Andre Dickens.

The Downtown Opportunity Zone was approved on January 1, 2022, and will remain valid for tax years January 1, 2022 through December 31, 2031. The $3,500 per job tax credit is available to businesses that create at least two jobs in a tax year and can be used against 100 percent of Georgia income tax liability and withholding tax. Tax credits are good for up to five years and a maximum of $17,500  per job.

The Downtown area meets the DCA requirement of being within or adjacent to a census block group with 15 percent or greater poverty rate where an enterprise zone or urban redevelopment plan exists. Invest Atlanta applied for the designation on behalf of the City of Atlanta.

“Opportunity Zones provide a tool to stimulate economic activity in pockets of underdevelopment and general distress, primarily through small business creation, retention and expansion,” said Dr. Eloisa Klementich, president and CEO of Invest Atlanta. “By encouraging new businesses growth, we can continue to expand the city’s growing Downtown job center outward, enabling more Atlanta businesses and residents prosper.”

For more information about City of Atlanta Opportunity Zone tax incentives, visit www.investatlanta.com.