The state of Georgia has expanded one of Marietta's opportunity zones to encourage new businesses to locate in the city or existing businesses to expand. When two or more jobs to the state of Georgia are created, businesses may be eligible to receive $3,500 in state income tax credits for each new job for five years.
Marietta's expanded opportunity zone is bounded by Cobb Parkway to the west, Delk Road to the north, Interstate 75 to the east and Terrell Mill Road to the south, and joins the city's other opportunity zones which include portions of Fairground Street, Roswell Street, Powder Springs Street, the South Loop, Franklin Road, and industrial and heavy commercial locations throughout Marietta.
"Marietta is doing everything we can to help the business community create new jobs and assist with expansions," city of Marietta economic development manager Beth Sessoms said. "The new opportunity zone may reward both small and large companies with tax credits for providing new employment opportunities in Marietta."
What opportunity zones are
- Areas in or adjacent to census block group with 15 percent or greater poverty where enterprise zone or urban redevelopment plan currently exists
- Businesses may claim state of Georgia tax credits for every new job created for five years, beginning in first year of eligibility
- Salaries of new jobs must be above average range of poorest county in Georgia
- Businesses may claim tax credits against income tax liability and/or state payroll withholding
What businesses have to do to receive tax credits
- Verify they are within Marietta's opportunity zones
- Submit application to city/state, to verify it is within an opportunity zone
"Sealy is extremely excited about the recent expansion of the Marietta opportunity zone," Sealy & Company regional manager Lex Rickenbaker said. "The expansion will allow our properties to compete on both the regional and national level to bring new companies and jobs to the area."
Marietta was the first city in Cobb County and one of the first in the state to receive opportunity zone designation in 2009. The new opportunity zone will be in effect through December 2022.
About the Georgia Department of Community Affairs
More info: Marietta's Economic Development manager Beth Sessoms at 770-794-5717 or visit dca.state.ga.us