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State opportunity zone tax credits require full-time jobs and health insurance
Summary
DCA told the committee that state opportunity zone credits require full-time jobs (35+ hours/week) with health insurance offered, an average wage floor above the lowest county wage, and credits that can offset corporate tax liability; designations last 10 years and are jointly made by state commissioners.
Rusty Haywood (DCA) briefed the committee on the state's opportunity zone program, which is distinct from the federal Opportunity Zones program. "Within the state, opportunity zone program... these are full time jobs at least 35 hours a week," Haywood said, and added that health insurance must be made available to those employees as a statutory requirement.
Haywood explained that the state credits can offset corporate income tax liability and, in some cases, be applied against withholding if proper steps are taken. He said the state program also requires that the census block group meet a poverty threshold and be part of an enterprise zone or an urban redevelopment plan as part of the eligibility screening. State designations last for 10 years; DCA and the Department of Economic Development evaluate applications and make recommendations to the commissioners for designation.
Committee members asked whether state and federal zones overlap and Haywood said overlap is possible and that such overlap would allow access to both federal investment mechanisms and state credits. DCA plans to evaluate zones on current conditions at the end of each 10-year period and may renew designations under certain circumstances.
