Rule 110-24-1-.05 - Opportunity Zone Tax Credit(1) For eligible businesses within a currently designated Opportunity Zone, tax credits may be earned in accordance with O.C.G.A. § 48-7-40.1 and the accompanying regulations. Nothing in this regulation shall be construed as authorization for businesses to claim multiple job tax credits for the same jobs. By way of further explanation, no business may add credits for the same jobs by qualifying simultaneously under the various provisions of O.C.G.A. §§ 48-7-40 and 48-7-40.1. Thus businesses may only claim the credit for jobs created under either the county tier program or the Opportunity Zone program, but not both programs.(2) All applicable laws and regulations of the Job Tax Credit Program (see O.C.G.A. § 48-7-40.1 and Rules Chapter 110-9-1) must be met before a business may earn Opportunity Zone credits.(3) Before claiming Opportunity Zone tax credits, a business must apply for a certification that the business location where jobs are being created is within a currently designated Opportunity Zone.(a) The business' application must contain the business' address and parcel number. If requested, the business will supply geographic coordinates to assist in verifying the location within an Opportunity Zone.(b) The business must file the certification with the local jurisdiction's contact person for the Opportunity Zone. The local jurisdiction must then certify that the business location is within the Opportunity Zone, that the business meets all applicable local ordinances and licensing standards, and that the State Enterprise Zone or Urban Redevelopment Plan is active and making demonstrated progress towards its redevelopment objective.(c) The certification must then be forwarded to the department of community affairs for acknowledgement.(d) Once certified and acknowledged, a copy will be provided back to the business, the local jurisdiction and the department of revenue.(4) These regulations shall be applicable to all taxable years beginning on or after January 1, 2010 unless otherwise required by law. Businesses may earn Opportunity Zone tax credits for tax years beginning on or after January 1st of the year in which an Opportunity Zone designation is approved by the department of community affairs and provided the business has received a valid certification that the business location is within the designated Opportunity Zone.Ga. Comp. R. & Regs. R. 110-24-1-.05
O.C.G.A. §§ 48-7-40.1, 50-8-5(b)(2), 50-8-11.
Original Rule entitled "Opportunity Zone Tax Credit" adopted. F. Oct. 4, 2004; eff. Oct. 24, 2004.Amended: F. Sept. 16, 2008; eff. Oct. 6, 2008.Repealed: New Rule of same title adopted. F. May 7, 2010; eff. May 27, 2010.Amended: F. Feb. 28, 2017; eff. Feb. 8, 2017, as specified by the Agency.