ATLANTA, GA (May 10, 2012) – Invest Atlanta, the city of Atlanta’s economic development agency, said today the state of Georgia has designated four new Opportunity Zones in the city.
The new Opportunity Zones, designated as such by the Georgia Department of Community Affairs, are for areas bounded by North Avenue and Atlanta Industrial Park #1, Atlanta Industrial Park #2 and Atlanta Industrial Park #3.
New or existing businesses located within an Opportunity Zone are eligible for a yearly income tax credit of $3,500 for each new job created as long as they create at least two net new jobs.
The annual tax credits are good for up to five years, meaning a business could be eligible for up to $17,500 in tax credits if they hired at least two new people per year.
“Opportunity Zones encourage economic development and help create jobs in areas where this activity otherwise might not occur,” said Brian P. McGowan (top right photo), president and CEO of Invest Atlanta. “In other Opportunity Zones such as the City Hall East/Ponce City Market zone, we are seeing major investments being made that are creating scores of new jobs.”
Atlanta Mayor Kasim Reed (middle left photo), chairman of Invest Atlanta, was informed of the city’s new Opportunity Zones in a letter from Georgia Department of Community Affairs Commissioner Mike Beatty. The designations will be good for tax years 2012 through 2022 and can be renewed.
“Opportunity zones not only help create new jobs and new businesses with attractive tax incentives, they encourage new development in targeted areas across our city,” Mayor Reed said.
“I am pleased that the state has designated these new opportunity zones as it will enable us and Invest Atlanta to offer even more appealing options to companies and entrepreneurs to do business in Atlanta.”
For more information on how Invest Atlanta can provide solutions for you or your business, contact us at: 404-880-4100, e-mail: wcronin@investatlanta.com or visit us at: http://www.investatlanta.com/.
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For a complete copy of the company’s news release, please contact:
Tony Wilbert
Wilbert News Strategies
404-965-5022 (O)
404-405-3656 (C)
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