Opportunity Zones -Learn about Hapeville's Tax Credit Advantage Opportunity Zone!
Local governments which undertake redevelopment and revitalization efforts in certain older commercial and industrial areas can now qualify those areas for the State's maximum state job tax credit of $3,500 per job. The incentive which is available for new or existing businesses which create two or more jobs are credits which can be taken against the business's income tax liability and state payroll withholding. The credits are available for areas designated by DCA as "Opportunity Zones". DCA will consider designations for areas that are within or adjacent to a census block group with 15% or greater poverty where an enterprise zone or urban redevelopment plan exists. Click here to visit the website.
State Historic Preservation Tax Incentives - Learn about Hapeville's Listing & Advantage
The Georgia State Income Tax Credit Program for Rehabilitated Historic Properties allows eligible participants to apply for a state income tax credit equaling 25% of qualifying rehabilitation expenses capped at $100,000 for personal, residential properties, and $300,000 for income-producing properties. The credit is a dollar for dollar reduction in taxes owed to the State of Georgia and is meant to serve as an incentive to those who own historic properties and wish to complete a rehabilitation. The Georgia Preferential Property Tax Assessment Program for Rehabilitated Historic Property allows eligible participants to apply for an 8-year property tax assessment freeze. The incentive program is designed to encourage rehabilitation of both residential and commercial historic buildings by freezing property tax assessments for wight and one-half years. Click here to visit the website.
Tax Allocation Districts
Georgia law provides specific powers to enable local governments to embark on projects that will foster public/private partnerships and spur economic growth. Tax Allocation Districts (TADs) are one of the legislative tools available to support cities’ community and economic development ventures. In December of 2008 the City of Hapeville established a Tax Allocation District at the former Ford Assembly Plant Site, designated to facilitate private interest and investment in the "Aerotropolis" site. For an overview of that TAD at work in Hapeville, please review Hapeville's Redevelopment Plan, the Executive Summary of Hapeville's Tax Allocation District 1: former Ford Site 2008, click here
. To read about Tax Allocation Districts in Georgia, visit the Georgia Municipal Association website, click here.
Federal Rehabilitation Investment Tax Credit Program (RITC)-
The Federal Rehabilitation Investment Tax Credit Program (RITC) provides owners of "certified historic structures" the opportunity to apply for a federal income tax credit
equal to 20% of the rehabilitation cost. Only income-producing properties are eligible to participate in the program and the National Park Service must certify the rehabilitation in order to receive the credit. Click here to visit the website.
DCA Downtown Development Revolving Loan Fund (DDRLF)
The purpose of the Downtown Development Revolving Loan Fund (DD RLF) is to assist cities, counties and development authorities in their efforts to revitalize and enhance downtown areas by providing below-market rate financing to fund capital projects in core historic downtown areas and adjacent historic neighborhoods where DD RLF will spur commercial redevelopment. Click here to visit the website.
GA Cities Foundation Revolving Loan Fund (GCFRLF)
The purpose of the GA Cities Foundation Revolving Loan Fund (GCFRLF) is to assist cities in their efforts to revitalize and enhance downtown areas by serving as a partner and facilitator in funding capital projects through a revolving loan fund. Applicants are evaluated based on leadership, accountability, long-term sustainability and potential for private investment. Projects should encourage spin-off development, add jobs, promote downtown housing, or add to the cultural enrichment of the community. Each applicant must also undergo credit underwriting. Eligible projects include real estate acquisition, building rehabilitation, new construction, green space and parks. Ineligible uses of funds are operating expenses and administration, local revolving loan funds, public infrastructure projects, streetscapes and facade projects. Click here to visit the website.
Georgia Cities Foundation Green Communities Fund -
Made possible through a grant from the Georgia Environmental Facilities Authority (GEFA), the Green Communities Fund will provide low interest financing to business and/or property owners for energy efficient and sustainable improvements to their downtown commercial properties. As with the Foundation's downtown loan program, the Green Communities Fund program will target downtown buildings. These low interest loans will range in size from $10,000 to $250,000. Click here to visit the website.
U.S. Small Business Administration (SBA) -
The U.S. Small Business Administration is a small, independent federal agency created by Congress in 1953 to assist, counsel and champion the millions of American small businesses. The mission of SBA is to help people get into business and stay in business. To do this, SBA acts as an advocate for small business. At the direction of Congress, the Agency ?
promotes the cause of small business, explains small businesses role and contributions to our society and economy and advocates policies that help small business. The agency also provides new and established small business owners with financial assistance, management counseling and training. SBA helps small firms get a fair share of government contracts and assists in the bonding process. Click here to visit the website.
Download the State of Georgia Business Incentives Brochure