A vacancy in downtown.
Campaign promotes payroll tax incentives for job creation
The City of Greensboro is working to spread the word that an empty store front might be more than it seems. With approval of the city’s new Opportunity Zone designation, commercial vacancies represent big tax incentives for new or expanding businesses.
“Greensboro has always been a great place to do business,” explains Better Hometown Manager, Cail Hammons. “We believe the new tax incentives Greensboro offers through the Opportunity Zone make the city even more attractive as a location for new business.”
The Georgia Department of Community Affairs announced Greensboro’s Opportunity Zone designation at the end of 2011. The zone encourages job creation within the much of the city’s commercial districts. Businesses located within the zone may receive a $3,500 job tax credit for each new job created with a minimum of two new jobs required. The credit may be claimed for five years.
Special designation offers tax credit to downtown businesses
(Greensboro, Ga. – January 10, 2012) The Georgia Department of Community Affairs announced that Greensboro has received an opportunity zone designation to encourage job creation within the much of the city’s commercial districts. The designation allows for a job tax credit for businesses that create a minimum of two new jobs within the district.
“The city expects the opportunity zone designation to help bring new businesses to Greensboro, particularly to downtown,” explains Better Hometown Manager Cail Hammons. “The designation will also help any existing businesses to expand and create new jobs.”
Within the city’s opportunity zone, business may receive a $3,500 tax credit for each new job created with a minimum of two new jobs required. The credit may be claimed for five years.
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