We offer several local tax credits and exemptions that will help to reduce your cost of doing business in Norcross. Our goal is to help you to reinvest your dollars into your business helping the city to grow, become stronger, and more competitive.
Federal Qualified Opportunity Zone
The QOZ is a tax benefit for investors who may or may not live, work, or have a business in Norcross. Investors can defer federal taxes on any prior capital gains until the earlier of the date on which an investment is sold or exchanged, or December 31, 2026, so long as the gain is reinvested in a QOZ Fund.
Freeport Tax Exemption
Freeport is a tax exemption designed to help some commercial and industrial businesses to lower their tax burden. The City of Norcross exempts companies from paying local taxes on qualifying inventory held in factories and warehouses. We offer 100% tax exemption on eligible business inventory in four categories:
- Class 1: Inventory of goods in the process of being manufactured or produced, including raw materials and partly finished goods;
- Class 2: Finished goods produced in Georgia and held by the original manufacturer within the last 12 months;
- Class 3: Finished goods stored in Georgia within the last 12 months and destined for shipment out of state; and
- Class 4: Stock-in-trade stored in e-commerce fulfillment centers.
To determine eligibility and to apply for Freeport Tax Exemption, download the application here.
Foreign Trade Zone
Norcross is located within Georgia's Foreign Trade Zones (FTZ) #26. FTZs are special geographic areas established "in or adjacent to" U.S. Ports of Entry and are under the supervision of the U.S. Customs and Border Protection.
The FTZ program encourages activity at U.S. facilities in competition with foreign locations by allowing delayed, reduced, and sometimes eliminated, duty payment on foreign merchandise admitted to a zone, as well as other meaningful savings. This tariff and tax relief is designed to lower the costs of U.S.-based operations engaged in international trade and thereby create and retain the employment and capital investment opportunities that result from those operations.
Companies interested in taking advantage of FTZ savings can do so by one of 3 ways:
- Use a 3rd Party FTZ Warehousing & Global Logistics Facility (“General-Purpose Zone”)
- Locate Within an FTZ Magnet Site
- Obtain FTZ Designation
To learn more about Georgia's FTZ, download the brochure here.
Local Opportunity Zones
Businesses located in local (OZ) designated Opportunity Zones may qualify for job tax credits. Eligible companies may receive a $3,500 tax credit when two (2) or more eligible net new jobs are created within a single tax year. Employers may use excess credits against withholding taxes. Also, businesses may claim the job tax credits for up to 5 years, as long as the jobs created are maintained. The Opportunity Zone Job Tax Credit can be taken against a new or existing business' and is not limited to specific industries. Click here to learn more.
Less Developed Census Tract
Under the Georgia Job Tax Credit (JTC) Program, businesses located in Less Developed Census Tracts (LDCTs) and engaged in manufacturing, warehousing and distribution, processing, telecommunications, tourism, or research and development industries may be eligible for the state's highest job tax credit benefit level, if other requirements are met. Defined Business Enterprises, located in LDCTs that create 5 net new jobs within a single tax year may apply for the tax credit of $3,500 per eligible net new job created. Businesses may claim the job tax credits for up to five years, as long as the jobs created are maintained. Click here to learn more
The Georgia Department of Economic Development also offers a range of tax credits and exemptions, financial assistance, and small business incentives. Click on the peach to learn more.