Opportunity Zones (OZs)
Local governments that undertake redevelopment and revitalization efforts in certain older commercial and industrial areas qualify as Opportunity Zones (OZs) and can receive a State of Georgia job tax credit. New or existing businesses that create two or more jobs can receive a tax credit of up to $3,500 per new Georgia job. Credits can be used toward income tax liability and state payroll withholding. Areas that qualify for Opportunity Zone status are also typically within or adjacent to a census block group with a 15 percent or greater poverty level. Georgia Department of Community Affairs (DCA) has designated three areas of Gwinnett County as Opportunity Zones:
Opportunity Zone Tax Credit Incentives:
*Information courtesy of Georgia Department of Community Affairs
For more information on Georgia’s Opportunity Zone Program, please visit the Georgia Department of Community Affairs website.
Historically Underutilized Business Zones (HUBZone)
The Historically Underutilized Business Zones (HUBZone) program helps small businesses in urban and rural communities gain preferential access to federal procurement opportunities. In order to qualify for the HUBZone program, your business must be located in an area designated as a Historically Underutilized Business (HUB) Zone. You may determine if an address or a particular area is designated as a HUBZone by using the HUBZone Maps.
*Information courtesy of U.S. Small Business Administration
For more information on the Historically Underutilized Business Zones (HUBZone) program and to determine eligibility, please visit the U.S. Small Business Administration website.