Current through Rules and Regulations filed through September 23, 2024
(1) Applications for Opportunity Zones may be submitted at any time.
(2) A local government may have any number of Opportunity Zones unless otherwise limited by law or these regulations.
(3) A business may qualify for the Opportunity Zone credit without qualifying for benefits under a State Enterprise Zone or Urban Redevelopment Plan.
(4) State Enterprise Zones cited for the purpose of application to the commissioner of community affairs for the creation of an Opportunity Zone must be active, bona fide State Enterprise Zones that are currently offering incentives to enterprise zone businesses.
(5) Opportunity Zones will exist for a period of 10 years from the date of designation or for the life of the related State Enterprise Zones and Urban Redevelopment Plans, whichever is shorter. Opportunity Zones may be renewed by the commissioner of community affairs at the end of 10 years. The Opportunity Zones may be revoked should the documentation used to designate the Zone be determined to be fraudulent.
(6) Reporting
(a) On an annual basis on or by January 31st and in a format to be provided by the department, the local government shall report to the department the Opportunity Zone's activity for the most recent available year as follows:
1. A narrative description of the local government actions undertaken within the Opportunity Zone for the preceding year. The local government may use the potential actions listed at 110-24-1-.03(4)(b) for purposes of the report.
2. The total of the tax values of the parcels within the proposed zone for the preceding year.
3. The total of the tax value for the applicant's total property tax digest for the preceding year.
(b) On a periodic basis, but at least every five (5) years in a format to be provided by the department, the local government shall report to the department the Opportunity Zone's activity for the most recent available year as follows:
1. A table detailing a description of each parcel within the designated zone to include the parcel number, current tax value, acreage, type of use and notation with regards to the condition of the parcel pursuant to the Designation Criteria.
(7) Adjustment of Opportunity Zone Boundaries
(a) Opportunity Zone boundaries may be adjusted by the commissioner of community affairs to correct errors or when it is determined that the documentation used to designate the boundaries was incorrect.
(b) When a local government has an area designated as an Opportunity Zone and determines during the term of the Opportunity Zone designation that a minor parcel or minor parcels should be added to the existing designated area, then the local government may request the boundaries be adjusted by the commissioner of community affairs. The parcel(s) to be included within the boundaries must fall within the existing Urban Redevelopment Plan and/or State Enterprise Zone boundary and meet the Designation Criteria for the Opportunity Zone.
(c) When a local government submits a request for a change in the designated Opportunity Zone boundary, and such change includes an amendment to the original Urban Redevelopment Plan or State Enterprise Zone under which the area was originally designated, then any changes to the Opportunity Zone boundary will be subject to the same expiration date as the original designation. In order for a government to establish a new eligibility period for designating an Opportunity Zone area, the newly designated area must fall under a new Urban Redevelopment Plan or State Enterprise Zone as a stand-alone plan that does not include the area already designated.
O.C.G.A. §§
48-7-40.1, 50-8-5(b)(2), 50-8-11.
