West Point, 10 other cities designated as Rural Zones
Published 8:20 am Saturday, October 24, 2020
ATLANTA – The cities of Colquitt, Donalsonville, Hawkinsville, Hiawassee, Leesburg, Moultrie, Stone Mountain, Thomson, West Point, and Woodbury have recently been designated as Rural Zones the Georgia Department of Community Affairs announced in a press release. This program is a collaboration between the Georgia Department of Community Affairs and the Georgia Department of Economic Development.
Since its creation in 2017, this initiative provides tax credits to individuals creating jobs and making qualifying investments within historic downtown areas that have been designated as Rural Zones. Each designation lasts for five years, and activities to begin earning tax credits within these 10 new rural zones begins Jan. 1, 2021. Communities are encouraged to develop strategies and share information about the benefits to businesses and investors.
The program includes the following Georgia state income tax incentives which are utilized for job- creation activities, investment in downtown properties, and renovation of properties. The credits can be layered, but none are available without the job creation element being present.
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The Job Tax Credit is equivalent to $2,000 per new full-time equivalent job per year for up to 5 years. The investment credit is equivalent to 25% of the purchase price of a property within the designated Rural Zone (not to exceed $125,000). The Rehabilitation Credit is equivalent to 30% of the qualified rehabilitation costs of a building located within a designated Rural Zone (not to exceed $150,000).