City of Darien Designated as Opportunity Zone
Darien, GA, December 30, 2008: The Georgia Department of Community Affairs has designated the City of Darien as an Opportunity Zone; making it one of only 8 communities in the state with this distinction.
The new status makes Darien’s businesses eligible for job tax credits of up to $3,500 per new job. They can use these job tax credits against 100 percent of their state income tax withholding and liability. It also allows any lawful business to qualify for the credit, including retail and service businesses. Businesses can claim the job tax credits for up to five years, as long as the jobs are maintained.
Darien’s Opportunity Zone footprint is the same as the historic Darien City Limits and the boundaries of Darien’s Urban Redevelopment Area. Darien’s businesses can begin taking credit on jobs created after January 1, 2008; and the Opportunity Zone designation is valid for tax years 2008 through 2018.
“We are thrilled to see our businesses getting a tax break; particularly during tough economic times”, said Darien Mayor Kelly Spratt. “This is a powerful tool to help us create jobs. It will encourage businesses retention and expansion; entrepreneurism and new business start-ups; and attract new businesses to Darien.”
In order to qualify, businesses must create two full-time, permanent jobs with no pre-established end date. They must offer health insurance (but are not required to pay for it). Finally, to be eligible for the tax credits, the two new jobs created may not be for a husband and wife.
For more information on Opportunity Zone Job Tax Credits, visit the GA Department of Community Affairs (DCA) website. Questions from businesses seeking credits should be directed to Dawn Sturbaum in DCA’s Community Development and Finance Division at (404) 679-1585 or email to: email@example.com.
For additional information or interviews contact:
Frank Feild, City of Darien, 912-437-6686
Article posted December 30, 2008.