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Opportunity Zone Job Tax Credit Summary

Roswell Opportunity Zone

Opportunity Zone Job Tax Credit Summary

The Opportunity Zone Job Tax Credit Program administered by the Department of Community Affairs offers the highest and most user-friendly job tax credit in the state! The program offers dramatic tax advantages. First, the designated area, or zone, is eligible for the maximum state job tax credit of $3500 per net new employee for five years starting the year of the hire. There are no restrictions on the type of jobs created. Second, any legal business that pays Georgia income tax is eligible. Third, only two or more net new jobs need to be created in any one year to be eligible (other programs require ten), and there is no upper limit on eligible jobs. Fourth, and most significant, if the company’s state income tax liability is insufficient to absorb all of the credits the balance may be taken by retaining employee withholding taxes that would otherwise be paid to the state. This allows the credit to be “cashed out” quickly and easily. The amounts retained by the company from employee withholding are exempt by law from Georgia income tax and may not be subject to federal income tax, so the company gets the full value of the credited dollars. Note that there are flow-through opportunities to pass the credit to partners, shareholders, etc.

All the features of the Opportunity Zone Job Tax Credit are listed on the Fact Sheet on the City of Roswell’s web site, which is linked below. For more information on the Opportunity Zone, contact contact Steve Stroud, Executive Director of Roswell Inc at 770-640-3253 or at sstroud@roswellba.com.

Opportunity Zone Example

Total JobsCreated Credit Tax Liability Withholding
Year 1 2 $7,000 $1,200 $5,800
Year 2 3 $10,500 $1,000 $9,500
Year 3 3 $10,500 $1,500 $9,000
Year 4 4 $14,000 $1,700 $12,300
Year 5 4 $14,000 $1,900 $12,100
Year 6 5 $7,000 $2,100 $4,900
Year 7 5 $3,500 $2,050 $1,450
Year 8 6 $3,500 $1,800 $1,700
Year 9 6 $0 $0 $0
TOTALS $70,000 $13,250 $56,750

Roswell Opportunity Zone Map with Census Block Groups

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Roswell Inc (located in the Roswell Visitors Center)
617 Atlanta Street, Roswell, GA 30075.