Greensboro Receives Opportunity Zone Designation

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. 

The city’s opportunity zone takes effect for all jobs created within a businesses fiscal year 2011, and the job tax credits may be claimed on 2011 tax returns.

“Greensboro is a great place to work and do businesses,” says Hammons.  “The opportunity zone designation and the job tax credits that come along with that designation are just another great reason to open a business in Greensboro.”

The city of Greensboro has worked to create a competitive packet of incentives and benefits for businesses that locate within downtown.  The city’s Better Hometown Program and Downtown Development efforts support downtown businesses with a full promotional calendar.  The city’s façade grant program offers grants to business or property owners that make exterior improvements to downtown buildings.  In addition, the city partners with the local merchants’ organization, the Greensboro Business Association, to offer improved pedestrian signage and business to business collaboration.  

For more information about opportunity zones in Georgia, please visit the Georgia Department of Community Affairs website at http://www.dca.state.ga.us/economic/DevelopmentTools/programs/opportunityzones.asp.  

For local information about Greensboro’s opportunity zone, contact Greensboro Better Hometown manager, Cail Hammons at (706) 453-7674 or visit www.DowntownGreensboroGa.com/OpportunityZone