From bond financing to tax credits, new and existing businesses are eligible for an array of incentive programs. The following programs are available to parts are all of Doraville.
Under Georgia law, development authorities are charged with developing and promoting trade, commerce, industry, and employment opportunities for their local communities. This is accomplished primarily through bond financing. The Doraville Downtown Development Authority, subject to the board’s approval, may provide property tax savings through bond-financed sale-leaseback structures. Bond projects are evaluated on a case-by-case basis. Applicants should contact Luke Howe, the City’s Economic Development Director at (770) 451-8745 or firstname.lastname@example.org.
The 100% Level 1 Freeport Exemption is offered by the City and DeKalb County. The exemption is applied to local inventory tax on raw materials and goods in process, finished goods held by the original manufacturer, and finished goods held by distributors, wholesalers, and manufacturers destined for out-of-state shipment.
Georgia Foreign Trade Zone (#26 Service Area)
The FTZ program encourages activity at U.S. facilities in competition with foreign locations by allowing delayed, reduced, and sometimes eliminated, duty payment on foreign merchandise admitted to a zone, as well as other meaningful savings. In the global marketplace, many companies consider moving to foreign locations to reduce operating costs. The benefits of the FTZ program may be the competitive advantage a company needs to keep its manufacturing or distribution operations in the United States. All of Doraville is within Service Area #26. Businesses can apply to the Georgia FTZ Board for the designation. For more information, go to www.georgiaftz.com.
Managed by the U.S. Small Business Administration (SBA), the Historically Underutilized Business Zones (HUBZone) program helps small businesses in urban and rural communities gain preferential access to federal procurement opportunities. As of 2013, two Doraville census tracts (213.01 and 213.03) qualify. For more information, including mapping, eligibility and certification requirements, please visit the U.S. SBA HUBZone website.
New Market Tax Credits
Created by Congress in 2000, the NMTC Program attracts investment capital to qualifying communities (all of Doraville is NMTC-eligible) by permitting individual and corporate investors to receive a tax credit against their Federal income tax return in exchange for making equity investments in specialized financial institutions called Community Development Entities (CDEs). The credit totals 39 percent of the original investment amount and is claimed over a period of seven years (five percent for each of the first three years, and six percent for each of the remaining four years). The investment in the CDE cannot be redeemed before the end of the seven-year period. The NMTC program is administered by the Community Developments Financial Institutions (CDFI) under the U.S. Treasury Department. The City works with a variety of CDEs on potential NMTC projects. For more information, go to www.cdfi.gov or contact Luke Howe at (770) 451-8745 or email@example.com.
The Opportunity Zone was approached as a method to attract businesses by promoting job tax credits up to $3,500.00 per job created until 2019. As a part of the Opportunity Zone Tax Credits, businesses participating in the program may claim excess credit against their annual withholding taxes. To assist in location, please download the Opportunity Zone Designation Map.
State of Georgia Incentives
- Tax Credits – Georgia tax credits apply to all qualifying companies both large and small. Typically, corporate income tax credits apply to 50 percent of a company’s state tax liability in a given year. But in some cases, they can offset up to 100 percent of corporate income tax as well as payroll withholding liability.
- Tax Exemptions – While tax credits promote actions that drive both company growth and economic growth, tax exemptions are focused on saving money for businesses. The two main types of exemptions are Sales Tax and Use and Inventory Tax.