The Department of Community Affairs recently released their annual list of “Less Developed Census Tracts” (LDCT)- a designation that can affect companies in our area.
If your company (or your tenant’s company) falls within a Less Developed Census Tract, they can qualify for tax credits that are not available to companies outside of the designated area.
Tax Credit Details
To qualify, the business must create at least five (5) net new jobs at the business location within the designated LDCT within a tax year and the new jobs must be full-time, permanent jobs of at least 35 hours per week. Additional requirements of the qualifying jobs can be found in the documents linked below.
If you are located in an LDCT and create 5 new jobs you will be eligible for a credit of $3,500 per job that could be used towards your state corporate tax liability and payroll withholding tax.
Example: You create 50 jobs in an LDCT that offers a $3,500 credit per job per year, and you will receive $525,000 in tax credits to reduce or eliminate Georgia corporate income tax or payroll withholding tax liability [50 jobs x $3,500 x 3 years = $525,000].
Gwinnett Village Designated Census Tracts:
- Census Tract 503.14
- Census Tract 503.17
- Census Tract 503.19
- Census Tract 504.17
- Census Tract 504.18
- Census Tract 504.19
- Census Tract 504.21
- Census Tract 504.22
- Census Tract 504.23
- Census Tract 504.33
- Census Tract 504.34
Click here to visit Partnership Gwinnett’s page for more information and to view a map of the designated census tracts throughout Gwinnett County.
If you own a company that could benefit, or one located in a commercial property you own has plans to expand or relocate to the area, please don’t hesitate to reach out to us if we can provide additional information and assistance.