On December 6, 2011, Commissioner Mike Beatty of the Georgia Department of Community Affairs (DCA) awarded an Opportunity Zone designation to the City of Smyrna (view map here). This designation means that any business within the Opportunity Zone which creates at least 2 new jobs on or after January 1, 2011, is eligible for a Job Tax Credit of $3,500.00 per job. The credit may be applied against Georgia income tax liability and state payroll withholding for 5 years, beginning with the tax year in which the new jobs were created.
Step 1. Create at least the minimum number of jobs to become eligible. For an overview of the eligibility requirements and claims process, please read this Program Overview.
Step 2. Complete part one of the Opportunity Zone Certification and send a signed copy to William Smith (contact info below). After review by the Georgia DCA, the requesting business and the Smyrna OZ coordinator will each receive approved copies of the certification.
Step 3. Complete Form IT-CA (2009) to determine the amount of Job Tax Credit that may be claimed. The credit must first be applied against your corporate income tax liability. Any excess credit may be carried forward to future tax years or applied against your Georgia Withholding Tax liability.
Step 4 (withholding). To claim credit against withholding, file Form IT-WH with the Department of Revenue at least 30 days prior to filing the Georgia Income Tax Return on which the credit will be claimed.
Step 5. File the Georgia Income Tax Return by the due date (or extended due date) along with a completed Form IT-CA (2009) and a copy of the accepted Opportunity Zone Certification to claim the Job Tax Credit for the Opportunity Zone.
Step 6 (withholding). The Department of Revenue will send a letter to the business within 90 days of the date the Georgia Income Tax Return was filed stating the amount of credit available to claim against withholding taxes and when the business may begin claiming the credit.
Visit the DCA website for full program information and downloadable forms.
To learn more about Opportunity Zone tax credits for your business location or expansion, contact Dawn Sturbaum at 404-679-1585 or firstname.lastname@example.org.
To inquire about Smyrna OZ boundaries or OZ certification, contact William Smith at 678-631-5419 or email@example.com. Signed certification forms may be emailed, mailed, or delivered to 3180 Atlanta Rd, Smyrna, GA 30080.
The information on this page does not constitute tax advice. Business owners are encouraged to seek professional tax advice for tax-related questions and assistance.