A great benefit to opening
a business in the City of Elberton is that the property owners
of Elberton enjoy the benefit of paying no ad valorem property
taxes to the City. (There are still property taxes for Elbert
County and Elbert County Schools.) This is a great savings to
those opening businesses in Elberton as compared to other
communities.
In addition, the City of
Elberton has created and designated Opportunity Zones in two
commercial areas of Elberton—downtown Elberton and the College
Avenue corridor.
Opportunity
Zone Job Tax Credit
If you are making a location or expansion decision for
your business, locating in Elberton’s Opportunity Zone may be
the right move for you. By locating in our redevelopment area
designated as an Opportunity Zone (OZ), a business can take
advantage of the state’s highest Job Tax Credit (JTC).
On
March 21, 2013, Commissioner Mike Beatty of the Georgia
Department of Community Affairs (DCA) awarded the Opportunity
Zone designation to the City of Elberton. This designation
means that any business within the OZ which creates at least 2
new jobs on or after January 1, 2013, is eligible for a Job Tax
Credit of $3500.00 per job. The credit may be applied against
Georgia income tax liability and state payroll withholding for 5
years, beginning with the tax year in which the new jobs were
created. Because Elberton is in a Tier 1 county, there are NO
exclusions to the type of business that qualifies. All are
eligible when requirements are met.
The Opportunity Zone Process:
Step 1. Create at least 2 jobs to become
eligible. For an overview of the complete eligibility
requirements and claims process please see the links at the
bottom of this page.
Step 2. Complete part one of the Opportunity Zone
Certification and send a signed copy to us. After a review
by the Georgia DCA, the requesting business and the Elberton OZ
coordinator will each receive approved copies of the
certification.
Step 3. Complete Form IT-CA (2009) to determine the
amount of Job Tax Credit that may be claimed. The credit must
first be applied against your corporate income tax liability.
Any excess credit may be carried forward to future tax years or
applied against your GA Withholding Tax liability.
Step 4. To claim credit against withholding, file Form
IT-WH with the Department of Revenue at least 30 days prior
to filing the GA Income Tax Return on which the credit will be
claimed.
Step 5. File the GA Income Tax Return by the due date (or
extension date) along with a completed Form IT-CA (2009) and a
copy of the accepted Opportunity Zone Certification to claim the
Job Tax Credit for the OZ.
Step 6. The Department of Revenue will send a letter to the
business within 90 days of the date the GA Income Tax Return was
filed stating the amount of credit available to claim against
withholding taxes and when the business may begin claiming the
credit.
Important Links about the Opportunity Zone:
Program eligibility link:
http://www.dca.ga.gov/economic/DevelopmentTools/programs/businessAssistance.asp
Forms
link:
Opportunity Zone Certification:
http://www.dca.ga.gov/economic/DevelopmentTools/programs/businessAssistance.asp
Form
IT-CA and IT-WH:
https://etax.dor.ga.gov/inctax/taxcredits.aspx |
