Downtown Albany Opportunity Zones could provide tax credits to businesses

ALBANY — Downtown Albany business owners looking to expand have an opportunity to receive a tax credit of up to $3,500 for each new job created.

To qualify, business owners must create at least two new jobs and meet other program requirements.

“The Opportunity Zone program is another tool that can be used to inspire business development within the downtown area,” Albany Downtown Manager Lequrica Gaskins said in a Wednesday news release. “Businesses within the Opportunity Zone boundaries may begin taking the credit for net new jobs created in the taxable year, which began on or after Jan. 1, 2023, provided a minimum of two net new jobs are created.”

Once approved, business owners can claim the tax credit for the initial year and subsequent four years as long as the jobs are maintained.

Qualified applicants can claim the credit for the tax year during which the jobs were created.

Among the requirements are that the jobs are created within a tax year and new jobs must be full-time positions of at least 35 hours per week. The two jobs (minimum) may not be filled by a married couple.

New employees must be offered health insurance upon employment, but the employer is not required to pay for that insurance.

Also, the average wage for 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 that was Glascock County at $636 per week, or $33,072 per year, according to the Georgia Department of Labor.

For a preview of the program, visit https://www.dca.ga.gov/community-economic-development/incentive-programs/state-opportunity-zones.

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