Fort Oglethorpe's Historic District Earns Rural Zone Designation
WHAT IS IT?
RURAL (Revitalizing Underdeveloped Rural Areas Legislation—House Bill 73) was enacted in May 2017 to encourage and stimulate investment, job creation, and economic development in rural downtown areas. Fort Oglethorpe’s Historic District has been designated Georgia’s newest RURAL Zone through 2030. (1-1-2025 through 12-31-2029)
WHO IS IT FOR?
If you are a new or existing business that has created new jobs in the Historic District. If you are considering purchasing a building in the Historic District. If you own a building in the Historic District and want to renovate it. You may be eligible for State Income Tax credits.
WHERE IS IT?
It is the Historic District off of Lafayette Road. (see the map)
Job Tax Credit
Investment Tax Credit
Rehabilitation Tax Credit
Job Tax Credit
- A business owner that creates at least two (2) new jobs or hires two (2) new employees.
- These jobs can be full or part-time as long as they equal 80+ hours per week.
- The credit is $2,000 annually for each new full-time position or equivalent for up to five (5) years.
- Caps out at 40K per year or $200K total.
Investment Tax Credit
- Investors who purchase a building within the zone.
- Credit is 25% of the purchase price, not to exceed $125K total or $25K annually.
- Creates the equivalent of at least two (2) new jobs or hires two (2) new employees created and maintained at the property location.
Rehabilitation Tax Credit
- Credit is 30% of the qualified rehabilitation costs, not to exceed $150K total or $50K annually.
- Creates the equivalent of at least two (2) new jobs or hires two (2) new employees created and maintained at the property location.
THESE TAX CREDITS CAN BE STACKED!
Start the conversation by contacting:
Taylor Hutwagner
Economic Development Director
423-362-3117 / EMAIL