Venture Drive Redevelopment Overlay District
The Gwinnett County Board of Commissioners created the Venture Drive Redevelopment Overlay District in the Gwinnett Place CID to promote a mix of high-end, dense, residential housing; commercial businesses and office buildings in an urban setting while offering the residents opportunities for recreation and alternative modes of transportation. Venture Drive Overlay District-FAQ Handout.
Global Villages Opportunity Zone (OZ)
The State of Georgia has designated the Gwinnett County “Global Villages” State Opportunity Zone. Click here to view the Global Villages OZ Map.
Businesses within the Opportunity Zone’s boundaries may begin taking the credit for net new jobs created in the taxable year which begins on or after January 1, 2024, provided a minimum of two net new jobs are created. As part of the State Opportunity Zone Tax Credits, businesses unable to use the credit against their Georgia Income Taxes may claim the excess credit against their withholding taxes. In order to claim the benefit of the withholding tax credits, the business must follow specific steps to ensure that the credit may be claimed against withholding:
- Create at least the minimum number of jobs which meet the Program’s eligibility requirements;
- File Form IT-WH within 30 days after the due date of the Georgia income tax return (including extensions) or within 30 days after the filing of a timely filed Georgia income tax return, whichever
occurs first; - File the Georgia Income Tax return by the due date (or extended due date) along with a completed Form IT-CA to claim the Job Tax Credit for the State Opportunity Zone;
- The Department of Revenue will send a letter to the business within 120 days of the date the Georgia Income Tax Return was filed, stating the amount of credit available to claim against
Withholding Taxes and when the business may begin claiming the credit; and - The business then claims the credit against its Georgia Withholding Taxes.
This designation shall remain valid for tax years January 1, 2024, through December 31, 2033. If Gwinnett County does not renew its State Opportunity Zone on or before December 31, 2033, the State Opportunity Zone Tax Credits will expire on that date. For more information on Opportunity Zones in Georgia, please visit the Georgia Department of Community Services’ website.
Gwinnett Place Less Developed Census Tracks (LDCTs)
Less Developed Census Tracts (LDCTs) provide a boost to the regular Georgia Job Tax Credit for any company type that qualifies for this benefit. Companies located in the Gwinnett Place area LDCTs and create more than five jobs may receive credits of up to $3,500 per job, per year for five years (for a total benefit of $17,500 per job created).
•The maximum Job Tax Credit allowed under law – $3,500 per job created, per year, for 5 years
•Only applicable to Georgia Target Industries (as confirmed by the DCA)
•Use of Job Tax Credits against 100 percent of income tax liability and withholding
•Balance applicable towards state payroll withholding
Gwinnett County Incentives for Gwinnett Place CID properties:
Because area commercial property owners formed a CID, newly arriving businesses could qualify for incentives designed to foster success:
- Reduced costs for certain applications and permits
- Reduced business occupation taxes
- Reduced water/sewer charges
- Acceleration of development reviews
- Acceleration of public hearings
- Tax increment financing through the Gwinnett Place Tax Allocation District (TAD)
Targeted industries eligible for special consideration include headquarters, advanced communications, IT, healthcare, life sciences and manufacturing/logistics. Qualifying businesses must meet certain employment and investment thresholds, which are more easily obtained in the CID. Click here for information on available Gwinnett County economic development incentives.
Gwinnett Place Tax Allocation District (TAD):
Tax Allocation Districts are used nationwide as an economic development incentive to attract quality development to an underutilized or distressed redevelopment area. Georgia’s Redevelopment Powers Law gives local governments the authority to sell bonds to finance infrastructure and other redevelopment costs within a specifically defined area. The Gwinnett Place TAD is one of five county-sponsored TADs and is a prime location for redevelopment projects. More information about the Gwinnett Place TAD is available on the Gwinnett County Government website.
For more information on industry-specific research and in-depth reports, visit SelectGeorgia.
Gwinnett Place area prospectus For more information about growing a business in Gwinnett’s Central Business District at Gwinnett Place, please contact the CID office at 678-924-8171.