ALBANY, GA (WALB) - A new state tax break could bring new business to South Georgia.
Its called the Qualified Opportunity Fund.
Governor Nathan Deal said this plan will specifically target economically disadvantaged areas in Georgia and hopefully drive new businesses and private investments into the area.
Any investors or businesses that move into these areas will essentially get a tax incentive, allowing them to put off paying taxes on any prior gains for 10 years, as long as that profit is reinvested into the fund.
State representative Gerald Greene represents nine counties, including Dougherty County.
Greene said he's excited to see what this will do for the state and the areas he represents.
"Albany is an area that has great potential," said Greene. "Good leadership and at the same time we just forget you're in hard times. Unemployment soared and natural disasters hit us, but now this is an opportunity once again to regain our position."
Greene said he hopes this plan will bring jobs and attract more businesses to Albany and surrounding cities.