The newest “opportunity zone” in the city of Atlanta will take in portions of Cleveland Avenue and Metropolitan Parkway.
The Georgia Department of Community Affairs has designated the area eligible for jobs tax credits through the state’s Opportunity Zones program, Mayor Kasim Reed announced Monday.
The state agency previously has approved the city’s applications for opportunity zones on Auburn Avenue, Marietta Street, at Fort McPherson and in portions of Midtown.
“Opportunity zones give existing businesses the incentive to expand and motivate entrepreneurs to create new ventures,” Reed said. “These zones lead to job creation and neighborhood revitalization and have a direct positive impact on our overall economic competitiveness.”
Businesses inside opportunity zones receive an income tax credit of $3,500 for each new job they create, as long as they create at least two net jobs. The credits are good for up to five years, or $17,500, provided the business continues to hire at least two new people each year.
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