Local governments which undertake redevelopment and revitalization efforts in certain older commercial and industrial areas can now qualify those areas for the State’s maximum job tax credit of $3,500 per job. The incentive, which is available for new or existing businesses that create two or more jobs, is a Job Tax Credit which can be taken against the business’s Georgia income tax liability and payroll withholding tax. The credit is available for areas designated by DCA as an “Opportunity Zone”.
Steps for claiming the Opportunity Zone Tax Credit for your business in Monroe:
- Check to confirm that your parcel is located within an Opportunity Zone.
- Review the Opportunity Zone Program Description to ensure you qualify.
- Complete Part One of the Opportunity Zone Certification form and return it to City of Monroe, Attn: Sadie Krawczyk, PO Box 1249, Monroe, GA 30655. Once the OZ designation is verified, Part Two is completed and forwarded to the DCA for final approval.
- Prior to claiming your tax credit, complete and return the Notice of Intention to Claim Withholding Benefit (Form IT-WH).
- To file your tax credit, complete and return the Georgia Job Tax Credit (Form IT-CA).
If you have any questions, please call the Downtown Development Authority at 770-266-5331.