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

Current through Rules and Regulations filed through June 27, 2024
(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.
(a) "Adjacent to" means adjoining or
				abutting.
(b) The Designation
				Criteria and associated factors shall generally be defined as follows:
1. "Areas Displaying Pervasive Poverty" shall
				be defined as census block groups with 15% or greater poverty and any "adjacent
				to" census block groups as determined from data in the most current United
				States decennial census.
2.
				"Underdevelopment" shall generally be defined as areas where appropriate data
				indicates a lack of development activities as evidenced through higher vacancy
				rates along with data indicating that business license fees, building permits,
				development fees, or other similar measures of business activity in the
				nominated area are significantly lower than the activity within the local
				governing body's jurisdiction as a whole. Underdevelopment must be supported by
				appropriate data as detailed under
				110-24-1-.03(4)(b).
3. "General Distress" shall generally be
				defined as adverse conditions within the nominated area other than those of
				Underdevelopment. Examples of such adverse conditions include, but are not
				limited to, higher than average unemployment, a high incidence of crime or code
				enforcement actions, a higher than average number of abandoned, deteriorated or
				dilapidated structures, deteriorated infrastructure, and substantial population
				decline. General Distress must be supported by appropriate data as detailed
				under 110-24-1-.03(4)(b).
4. "Blight" shall generally be defined as the
				conditions described for "slum area" pursuant to the Urban Redevelopment Law at
				O.C.G.A. §
											36-61-2(18) and
				/or the conditions described for "blighted or distressed area" pursuant to the
				Redevelopment Powers Law at O.C.G.A. §
											36-44-3(7)(A).