Cherokee County has approximately 5,022 acres located within the state designated Opportunity Zone (OZ). 74% of 2014’s prospects have been interested in sites and/or buildings within the boundaries of an OZ.
Companies located within the Opportunity Zone can take advantage of the maximum state job tax credit of $3,500 per job created starting the year the eligible net new jobs are added under the program. The credits can be carried forward for up to five years as long as the new jobs are maintained. Only two or more jobs need to be created to be eligible. Most significantly, if the company’s state income tax liability is insufficient to absorb all of the credits, then the company is able to claim the remaining credit against its payroll withholding. If the company follows the proper steps with Department of Revenue to utilize the withholding benefit of the credit, then the company would be able to claim that credit against its payroll tax remittances and then keep those funds to use for company operations.
Current OZ designations exists in SW Cherokee County as well as a recent addition located within the City of Canton, Airport Area, and the City of Ball Ground.
For more information contact Misti Martin at 770.345.0600