METRO ATLANTA, GEORGIA (01/18/2021): Today, the economic business development issues are complex and the capital investment can be challenging to developers, investors, and real estate agents. MS Global Partners, LLC understands the complicated demand for business expansion. We bring a broad economic development perspective and bottom-line focus, regardless of project location and investment criteria.
According to a Georgia Trend Magazine article, the state Department of Economic Development in partnership with the Georgia Department of Community Affairs has designated 10 new cities as Rural Zones. They are:
Investments in these 10 cities will begin earning the tax credits on Jan. 1, 2021. The designation enables individuals in the communities to take advantage of tax credits for creating jobs and making qualifying investments in historic downtown areas. The tax incentives are:
Jobs Tax Credit of $2,000 per new full-time-equivalent each year for up to five years
Investment Credit equal to 25% of the purchase price of a property – up to $125,000 — in the designated Rural Zone
Rehabilitation Credit equivalent to 30% of a Rural Zone building’s qualified renovation costs, up to $150,000
(These credits can be combined, but the job creation element must be included).