Vienna —
Employers in Crisp and Dooly Counties became eligible to take the federal empowerment zone employment tax credit of up to $3000 per employee per year for calendar years 2012 and 2013 when President Obama signed the "American Taxpayer Relief Act of 2012" on Jan. 2, 2013.
The Act extends the designation of the Southwest Georgia United Empowerment Zone and other rural and urban Empowerment Zones from Dec. 31, 2011 until Dec. 31, 2013.
An employer located in the Southwest Georgia United Empowerment Zone area (all of Dooly County and most of Crisp County) is eligible to take an annual 20% tax credit on wages paid during 2012 and 2013 to present employees or new hires who reside in the Empowerment Zone area.
The maximum credit is 20% of the first $15,000 in wages or $3,000 per employee per year. The Act provides the credit on wages paid through Dec. 31, 2013.
"This is a huge benefit to businesses in Crisp County," said Monica Simmons, president of the Cordele-Crisp Chamber of Commerce. "The Empowerment Zone tax credit has helped our local employers to stay in business during the recession and to compete regionally and internationally."
"The Empowerment Zone Employment Tax Credit makes a big difference in business recruitment," said Bruce Drennan, executive director, Cordele – Crisp County Industrial Development Council. "Businesses seeking a new site really pay attention to this kind of incentive."
In addition to the Employment Tax Credit, qualified businesses and individuals locating in or investing in the Southwest Georgia United Empowerment Zone area also are also for other federal tax incentives, including increased Section 179 deduction, rollover of gain from sale of Empowerment Zone assets, and increased exclusion of gain from qualified small business stock.
The Empowerment Zone area is eligible for new market tax credit financing, and other incentives, including tax-exempt bond financing, may also be available.
"A high-poverty, rural area like ours has a real up-hill fight to attract businesses," says Rhonda Lamb-Heath, executive director of the Dooly County Chamber of Commerce. "No matter how good the labor force may be, it takes something like the Empowerment Zone tax credits to catch businesses' attention."
More information about the Empowerment Zone tax credits and other benefits of locating in Crisp and Dooly Counties is available from the Cordele - Crisp Industrial Development Council (229-273-9570), the Dooly County Economic Development Council (229-268-4554), or Southwest Georgia United (229-268-7592).
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