CID To BOC: Establish Opportunity Zones Now

Representatives of the Stone Mountain Community Improvement District (CID) are asking DeKalb County leaders to open access to a powerful tool for job growth.

Later this month, Commissioners are expected to consider measures allowing for the establishment of opportunity zones for the first time. Opportunity zones are geographic designations where state-administered tax credits benefit businesses creating new employment.

New and existing businesses could realize a $3,500 job tax credit in state income tax liability and payroll withholding for each new job during a five-year period. With a minimum requirement of creating only two jobs, an employer could receive a cumulative total of $35,000 in tax credits.

According to CID President Emory Morsberger, DeKalb has been working for two years to formulate applications to the Georgia Department of Community Affairs, which approves and administers opportunity zones. All the while, the county has suffered serious economic setbacks during this period of delay. 

"Others communities with opportunity zones have beaten us in the competition to attract employers, especially places like neighboring Gwinnett County," Morsberger said. "Right now, we are at a tremendous disadvantage. But our county leaders have the chance to level the playing field and put is in a much better position to bring jobs to DeKalb County."

Morsberger said he is urging Commissioners to move forward in establishing the economic development resource as opportunity zones may not always be available.

"The window of opportunity might be closing for DeKalb to receive approval from the Department of Community Affairs," he said. "This is just too important to ignore. The future of new job growth is dependent on Commissioners making the right choice."

CID leaders are expected to address this and other matters relative to economic development during their board meeting on Tuesday, May 14.

From a press release by Stone Mountain Community Improvement District