See attached document for all Proposed Job Tax Credit Rule Revisions.
Job Tax Credits
- Basic Info
Provides for a statewide job tax credit for any business or headquarters of any such business engaged in manufacturing, warehousing and distribution, processing, telecommunications, tourism, research and development industries or services for the elderly and persons with disabilities but does not include retail businesses. If other requirements are met, job tax credits are available to businesses of any nature, including retail businesses, in counties recognized and designated as the 40 least developed counties.
Counties and certain census tracts in the state are ranked and placed in economic tiers using the following factors:
1. highest unemployment rate;
2. lowest per capita income; and
3. highest percentage of residents whose incomes are below the poverty level.
To determine the designation area for an address location, go to the Interactive Map of Potential Opportunity Zone areas for 2021, including designated LDCT and Military Zones. Click on the layers for the LDCT and Military Zones to have these layers shown on the map.
Putnam County’s Census Tracts 9503.01, 9601.02, 9602.02, and 9603.00 were granted an Economic Distress designation for 2021. This was a temporary designation falling under the Less Developed Census Tract (LDCT) designation. The LDCTs designated under this authority did not retain LDCT status for calendar year 2022.
Businesses within the impacted area now have the opportunity to file a Notice of Intent (NOI) on or before the March 31, 2022 deadline. An NOI will allow the company to “lock-in” the LDCT status for a period of three years (2022, 2023, and 2024). Failure to submit NOIs will result in the inability of a business to claim the LDCT designation.