With the clock ticking in its five-year only designation, the Donalsonville-Seminole County Chamber of Commerce is hosting a RURAL Zone discussion meeting on Tuesday, April 13 at 6 p.m. in the Beall Center on Cherry Street in downtown Donalsonville.
As reported last Fall, the City of Donalsonville has been designated for five years as a RURAL Zone. With that designation, the Revitalizing Underdeveloped Rural Areas Legislation (RURAL) now provides tax credits to individuals creating jobs and making qualifying investments within the historic downtown RURAL Zone area of the City of Donalsonville.
The meeting will explain the benefits of the RURAL Zone designation in detail and provide information on developing strategies and financial resources available to property owners and others interested in downtown investments.
The RURAL Zone program includes the following Georgia state income tax incentives which are utilized for job-creation activities, investment in downtown properties, and renovation of properties: A Job Tax Credit equivalent to $2,000 per new full-time equivalent job per year for up to five years; an Investment Credit equivalent to 25% of the purchase price of a property within the designated Rural Zone (not to exceed $125,000); and a Rehabilitation Credit equivalent to 30% of the qualified rehabilitation costs of a building located within a designated Rural Zone (not to exceed $150,000).