Some busi­ness own­ers el­i­gi­ble for job tax cred­its

The Covington News - - Local News - By Gabriel Khouli

Busi­ness own­ers in Cov­ing­ton’s down­town district and Washington Street com­mer­cial cor­ri­dor can po­ten­tially re­duce their in­come taxes by hir­ing at least two full-time work­ers in any given year.

Own­ers in those two ar­eas can learn how to ap­ply for the job tax cred­its at an in­for­ma­tional meet­ing at 9 a.m., Mon­day at the Turner Lake Com­mu­nity Room, hosted by the Ge­or­gia Depart­ment of Com­mu­nity Af­fairs.

In late June, the down­town busi­ness district and Washington Street cor­ri­dor were named op­por­tu­nity zones by the state, be­cause the city of Cov­ing­ton sub­mit­ted a pro­posal show­ing that the ar­eas were blighted and needed re­vi­tal­iza­tion.

Un­der the Ge­or­gia Job Tax Credit Pro­gram, busi­nesses can re­ceive a $3,500 tax credit per full-time job cre­ated, which can be ap­plied to a busi­ness’s in­come tax li­a­bil­ity and state pay­roll with­hold­ing for up to five years, as long as the jobs con­tinue to ex­ist. The po­si­tions can ex­pe­ri­ence turnover but must not be elim­i­nated.

In or­der to be el­i­gi­ble a busi­ness must be in the op­por­tu­nity zone and must hire at least two work­ers for newly cre­ated po­si­tions, who each must work at least 35 hours per week and make at least $21,580 per year.

The op­por­tu­nity zone des­ig­na­tion is retroac­tive to Jan. 1, 2010, so a busi­ness can be el­i­gi­ble to re­ceive tax cred­its if it al­ready added two po­si­tions this year and main­tained them.

If own­ers can­not at­tend the meet­ing, it will be re­broad­cast on the Cov­ing­ton P.E.G. chan­nel 20. They can also visit the depart­ment of com­mu­nity af­fair’s web­site at dca.state.ga.us.

Map cour­tesy of City of Cov­ing­ton

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