Compilation of Rules and Regulations of the State of Georgia
Department 110 - RULES OF GEORGIA DEPARTMENT OF COMMUNITY AFFAIRS
Chapter 110-24 - OPPORTUNITY ZONE JOB TAX CREDIT PROGRAM
Subject 110-24-1 - OPPORTUNITY ZONE JOB TAX CREDIT PROGRAM REGULATIONS
Rule 110-24-1-.01 - Program Description, General Guidance, and Definitions

(1) As described within the State's Job Tax Credit Program at O.C.G.A. § 48-7-40.1(c)(4), a provision exists to assist less developed areas which is to be generally referred to herein as the "Opportunity Zone Job Tax Credit Program".

(2) The Opportunity Zone designation criteria require the targeting of areas that display "Pervasive Poverty, Underdevelopment, General Distress, and Blight". The designation criteria are met by the targeting of poverty areas that are in decline, suffering from disinvestment and are in need of redevelopment and revitalization. Specifically, such areas must be in an eligible census block group and contain parcels meeting the designation criteria of O.C.G.A. § 48-7-40.1(c)(4) as well as one of the required local redevelopment initiatives as described in the Georgia Urban Redevelopment Law at O.C.G.A. §36-61 or the Enterprise Employment Act at O.C.G.A. §36-88.

(3) For areas that meet the overall criteria of the Opportunity Zone Job Tax Credit Program, the commissioner of community affairs may designate as an "Opportunity Zone" a group of parcels within an area that meets the criteria under 110-24-1-.02 herein.

(4) Within areas designated as an Opportunity Zone under this Chapter, the state will allow enhanced Job Tax Credits which include the following benefits: a $3,500 tax credit per eligible new job created (as defined in O.C.G.A. § 48-7-40.1(e)), the use of the tax credit against 100 percent of Georgia income tax liability and payroll withholding, the use of the credit by any lawful business, and a job creation threshold of two jobs.

(5) Definitions.