Military zone=Tax Credit - WALB.com, Albany News, Weather, Sports

Military zone=Tax Credit

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By Karen Cohilas - bio | email

ALBANY, GA (WALB) - Albany and Dougherty County have a new tool to help attract and maintain businesses. Three large chunks of property in the county have been designated as military tracts. 

That allows for a $3500 tax credit for businesses that add two or more employees and maintain those positions.

Both Dougherty County commission Chairman Jeff Sinyard and Albany Mayor Willie Adams asked the Department of Community Affairs to officially designate land near the Marine Base as a Military zone which will give businesses within that zone tax credits for creating jobs.

Sinyard said, "It is a business friendly tool. It is something that we can use along with other tools to enhance someone being able to start a business."

Or to grow one. Adding and maintaining at least two new positions. "It's another tool to allow folks to try to reduce the burden on them," Sinyard said, "from a government standpoint and allow them to grow their business and have a better bottom line and have a better chance for success."

The tax credit is $3500 per job created for five years. The credit can be used against corporate income tax and any excess credit can go to withholding. County Chairman Jeff Sinyard says taking the burden of some of those taxes away will allow businesses to put money where it's most needed.

"Spend their capitol on other issues rather than just on the taxes. It can reduce their tax load so they can put it into people and or brick and mortar of the money they need to invest in bringing in whatever product they sell."

Any type of business can qualify, so long as they are included within the designated zone. Economic leaders hope it will stimulate development near MCLB, even bringing in suppliers looking to do work within the base.

There's no deadline for businesses to add the new jobs. They must maintain them in order to keep the credit.

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