Augustas application for an Opportunity Zone has been approved by the state, the city announced this morning.
When two or more jobs are created, businesses within the Opportunity Zone may be eligible to receive $3,500 in employee tax credits for each new job.
Augusta's opportunity zone includes an area south of Milledgeville Road, bordered by Old McDuffie Road, and south to Benson Road.
Businesses may claim the tax credits for every new job created for four years, beginning in January 2009.
The city had to submit an application and an urban redevelopment plan to be eligible to receive the opportunity zone designation. If an area is in or adjacent to a census block group with 15 percent or greater poverty where an enterprise zone or urban redevelopment plan currently exists, the Georgia Department of Community Affairs may award opportunity zone designation.
In order to be eligible to receive the tax credits, businesses will have to verify that they are within Augusta's opportunity zones. Businesses will have to submit an application to the state, verified by the local government.
The introduction of Opportunity Zones in Augusta will serve as another strong tool to supplement the already progressive and tremendously successful efforts of our economic development team, said Augusta Mayor Deke Copenhaver.
The opportunity zones will be in effect for four years.