City of Norcross, GA --- Norcross officials were recently notified that the Georgia Department of Community Affairs has approved their application for expansion of the city’s Opportunity Zone (OZ) to include the Northbelt Business Park located at Jimmy Carter Boulevard and Best Friend Road. Businesses within this expanded zone qualify for maximum state tax credits of $3,500 for each new job it creates.
“Opportunity Zones are one of the most powerful tools available for the City of Norcross’ redevelopment goals,” explained Norcross Mayor Bucky Johnson. “With this tax credit, the economic benefits gained by the partnership between the CID and Norcross, the high level of security provided by the city police, and the proximity of North Belt to the Jimmy Carter and I-85 corridor, we’re set to attract some of the fastest growing companies in the region.”
The incentive, which can be used annually for up to five years, is available to new or existing businesses that create and maintain two or more new fulltime jobs. The credits will offset some or all of the business’s income tax liability with any excess applied to its state payroll withholding.
According to Norcross’ Economic Development Manager Rusty Warner, “Opportunity Zones make it more feasible for our existing companies to grow, and they also incentivize new companies to relocate or start up here in Norcross. In a tough economy, the savings these tax credits represent are especially meaningful.”
The OZ is one of several incentives used to entice new businesses into the city. Norcross’ economic appeal has attracted companies like Suniva and FedEx Ground, bringing in jobs with employees who in turn support local restaurants and shops, attend events and often become residents. One of Norcross’ biggest economic incentives is the very character of the town, a vintage charm enhanced by a progressive approach to redevelopment.
“Opportunity zones add value and interest to those looking to invest in the already successful concept of new urbanism in the Norcross area,” explained Mayor Bucky Johnson. “Our historic downtown has been completely revitalized using unique redevelopment tools, and this opportunity zone is just that; another opportunity to expand our revitalization efforts even further throughout the city.”
Businesses interested in additional information on the tax incentive may contact Rusty Warner, Economic Development Manager for the City of Norcross at firstname.lastname@example.org. Information can also be found at the Georgia Department of Community Affairs website, www.dca.ga.gov/us.