PG Entrepreneur Guide

26 • www.gwinnettentrepreneur.com www.gwinnettentrepreneur.com • 26 What are local economic development tools? Which are available in Gwinnett County? Local economic development tools are tax incentives that help to build up the economic capacity of a local area (i.e. city or county) to improve the quality of life through a collaborative process between the public, business, and nonprofit sectors. In the state of Georgia, some of these tools include enterprise zones, opportunity zones, the Redevelopment Fund Program, and the Regional Economic Assistance Project. While there are no reported enterprise zones in the Gwinnett County area, opportunity zones exist in the county. What are opportunity zones? Opportunity zones (OZ) are designated areas that are within or adjacent to a census block group with 15%+ poverty where an enterprise zone or urban redevelopment plan exists. Businesses creating 2 or more net permanent full-time jobs working at least 35 hours a week with a wage of at least $471/week in a single tax year may be eligible to receive a state job tax credit of $3,500 per employee if their businesses are in the opportunity zones. The tax benefits include the following: the maximum job tax credit allowed under law, the lowest job creation threshold of any job tax credit program, the use of job tax credits against 100% of Georgia income tax liability and withholding tax, and the provision for businesses of any nature to qualify. To view the boundaries applicable to these Opportunity Zones, please refer to the maps located at: dca.ga.gov/economic/DevelopmentTools/ programs/designationsMaps.asp. Who manages the Opportunity Zones? The Department of Community Affairs (DCA) manages the applications for these local designations. What kinds of businesses do they promote to be in these opportunity zones? The opportunity zone program allows for businesses of any nature to qualify. About Partnership Gwinnett Partnership Gwinnett is a public-private initiative dedicated to bringing new jobs and capital investment to Gwinnett County, Georgia. Since 2007, Partnership Gwinnett has worked with its local partners to attract and retain jobs, cultivate capital investment, support educational institutions, foster workforce development, and contribute to the exceptional quality of life found in Gwinnett. Every day, a team of dedicated professionals work to drive the mission of Partnership Gwinnett to strengthen the economic vitality of the community. Partnership Gwinnett Strategic Goals Business Development Talent Development Community Development Partnership Gwinnett Target Industries Information & Technology Solutions Data Processing & Security Software Development Computer Systems Design Health Sciences & Services Life Sciences Healthcare Services Professional & Corporate Services Customer Care Services Headquarters Operations Business Support Services Supply Chain Management Wholesale Trade Distribution &Warehousing Advanced Manufacturing Computers & Electronics Energy Technologies LOCAL ECONOMIC DEVELOPMENT TOOLS