Stephens County economic development officials hope making an area industrial property eligible for tax credits will help attract a business to locate there.
Tuesday, Stephens County Development Authority Executive Director Tim Martin appeared before Stephens County Commissioners to request the commission’s support for an application to the state to make a 5.6-acre property at the corner of Memorial Drive and Meadowbrook Drive an Enterprise Zone.
Martin said obtaining that designation for the property will provide tax credits for jobs that are created on that site.
According to Martin, the designation allows for a $3500 per year per job state tax credit for five years for additional jobs created beyond the first two jobs. Martin adds that if the business has no state income tax liability, the credit can go towards a business’s payroll withholding tax.
The Development Authority has obtained a similar status for numerous other industrial properties in the county.
Martin said that the property involved in this application has attracted interest from a potential prospect and obtaining these credits could help make that property stand out further.
County commissioners approved the Development Authority’s request unanimously.
The Development Authority’s application will now go to the state Department of Community Affairs for its approval. There is no timeline for receiving word on that approval.