We are pleased to announce the designation of the Downtown Albany Opportunity Zone, which was awarded In November 2023!

Businesses within the Opportunity Zone boundaries may begin taking the credit for net new jobs created in the taxable year, which begins January 1, 2023, provided a minimum of two net new jobs are created. 

The incentive is a Job Tax Credit that can be taken against the business’s Georgia income tax liability and payroll withholding tax.

The credit is available for areas designated by the Georgia Department of Community Affairs as an Opportunity Zone. 

DCA will consider designations for areas that are within or adjacent to a census block group with 15 percent or greater poverty where an enterprise zone or urban redevelopment plan exists.

• To determine if your business is located within the Opportunity Zone boundaries, you can utilize DCA’s interactive map located at https://georgia-dca.maps.arcgis.com/apps/Viewer/index.html?appid=7b71e8dac0bb4ae48118c1cf3108d61d&webmap=2562d9f7a70b4042b978bf05f28938b2.  Simply type in the address box located in the upper left-hand corner of the screen and click search. If the address is located within a green-shaded area, then the address is located within the Opportunity Zone.

• In order for a business to take advantage of the Opportunity Zone job tax credits, the business must complete an Opportunity Zone Certification Form, which can be found at https://www.dca.ga.gov/sites/default/files/oz_certification_6-10-2020_0.pdf. The form is also attached… Part One of the form is completed by the business. We Will complete Part Two of the form, certifying that the business is located within the Opportunity Zone boundaries. The bottom of the form is completed by DCA. A copy of this completed Certification Form must be attached to the tax return filed with the Department of Revenue when claiming the tax credit. Please be aware the Certification form only verifies the business location is within a designated Opportunity Zone. The business must ensure all eligibility requirements are met and file the   appropriate forms with the Department of Revenue in order to claim the tax credit.

 Benefits: 

The benefit to the business owners would be a $3,500 job tax credit for each new job created.  Please note:  The business must be located within the designated OZ and create at least 2 net new jobs to meet the required threshold.  These jobs have to be fulltime jobs working 35+ hours per week.  In addition, the business needs to also meet these requirements:

• Business must create at least two (2) net new jobs within a tax year and the new jobs must be full-time jobs of at least 35 hours per week (Note: The two jobs may not be filled by a married couple.)

• New jobs must be offered health insurance upon employment (beginning January 1, 2012 or later); the employer does not have to pay for such insurance, just offer it

• The average wage of each new job created must pay at or above the average wage of the county with the lowest average wage in the state – as of June 2023 this is Glascock County at $636 per week or $33,072 per year, per Georgia Department of Labor (GA

DOL) (Georgia Employment and Wages – 2022 Averages)

• Job threshold must be created within a single tax year and tax credit may first be claimed on the initial year tax return – for example, eligible new jobs created in 2021 may claim credit on the 2021 tax return – if these jobs are then maintained for the next four years

the business may claim the tax credit on each of those years’ tax returns as well; tax credit = $3,500 per job

The tax credit needs to first be applied to the business’ income tax liability, however, if there is credit left over, the business can apply the excess to the withholding taxes.

Claiming Withholding Credit (see attached page JTC OZ Credit and WH _July 2023)

• For tax years beginning on or after January 1, 2017, to claim any excess tax credit not used on the income tax return against the generating entity’s payroll withholding tax liability, the entity must file Revenue Form IT-WH Notice of Intent through the Georgia

Tax Center within 30 days after the due date of the Georgia income tax return (including extensions) or within 30 days after the filing of a timely filed Georgia income tax return, whichever occurs first - Paper filings will no longer be allowed

• Failure to file this form as provided will result in disallowance of the withholding tax benefit

• Business files Georgia Business Income Tax Return, along with Form IT-CA, by the due date, or extended due date

• DOR has 120 days to review the Job Tax Credit once the return is filed

• Business will receive notification of approved credit and when to claim against withholding from GA DOR

• Business will then apply credit to withholding returns until fully utilized

• Withholding credit has no effect on employees

• Flow-through entities may elect to claim a specific portion of the credit against the  entity’s payroll withholding and flow the remaining credit through to shareholders, partners, or members; This is an annual irrevocable election dependent upon the filing

of Form IT-WH

If the business maintains the jobs, then the business can receive the tax credit each year for 5 years.

An overview of the Opportunity Zone program can be found at:

Website links:  State Opportunity Zones Flyer Overview of State Opportunity Zone Program.