Downtown Businesses to Benefit from New Rural Zone Designation

The State of Georgia has designated the City of Toccoa as one of nine inaugural Rural Zones across the state.

According to the Georgia Department of Community Affairs (DCA), The Rural Zoneprogram was enacted by the State legislature in 2017.

Under the program, portions of each community – primarily historic downtown areas – are zoned to allow for tax credits to eligible businesses that create jobs and stimulate economic activity in these communities.

“The courthouse square and historic downtowns have been the lifeblood of Georgia’s rural communities,” noted DCA Commissioner Christopher Nunn.  “The purpose of the Rural Zone is to encourage small business investment and job creation to help preserve these small town assets and stimulate economic activity in the community.”

The City of Toccoa’s downtown Main Street District has been designated by DCA as a Rural Zone.

Should any current or prospective business or property owners wish to locate to the Main Street District and make use of Rural Zone tax benefits, they could realize significant tax credits, such as:
• $2,000/year/full-time equivalent job created within the zone for five years. At least two net, new full-time equivalent jobs must be created and maintained in order to qualify for the job credits or any additional credits listed below.
• Up to $125,000 credit (claimed over 5 years) for investing in the downtown area. This is capped at 25% of the total investment cost, not to exceed $25,000 in credits claimed over five years.
• Up to $150,000 credit (claimed over 3 years) for rehabilitating structures in the downtown area. This is capped at 30% of the total investment cost, not to exceed $50,000 in credits claimed over the three years.

“We are very proud to receive this honor and designation,” City of Toccoa Mayor David Austin said. “It is evident that the State of Georgia sees Toccoa’s downtown district as an area ripe for continued economic revitalization. The fact that, across the state, Toccoa was selected as one of only nine Rural Zones, gives us the edge to bring in businesses and retain businesses in our Main Street District. These tax credits will certainly serve as an incentive to increase the economic viability of our beautiful community.”

Main Street spokesman Christian Hamilton tells WNEG News that Toccoa plans to host a lunch-and-learn in the near future to assist current and prospective downtown business and property owners with any Rural Zone inquiries they may have.

Additionally, Hamilton said the Main Street Office is happy to answer any questions regarding the new Rural Zone designation and tax credit incentives by calling 706.898.5777.

Business owners can also go online to the Georgia Department of Community Affairs Web site at: http://www.dca.state.ga.us/economic/developmenttools/programs/ruralzones.asp