Incentives for Albany-Dougherty Businesses
Business Incentives
Business and industry can reach goals faster in Albany-Dougherty, supported by strategic incentives at every level—federal, state and local—through the custom assistance of the Albany-Dougherty Economic Development Commission (ADEDC). When it comes to incentives, job creators start at the top here, in a location offering the highest level of Georgia Job Tax Credits and Georgia Opportunity Zone credits, as well as Albany’s own robust Job Investment Fund, among other generous incentives. Albany-Dougherty welcomes and nurtures growth with:
The Albany JIF provides funding for job creators in for-profit businesses that create a minimum of 100 jobs or $10 million in capital investment. Awards range from $200,000 to $6 million, depending on the level of investment. The ADEDC manages the application and funding process and recommends recipients to Albany’s Long Term Financial Planning Committee. The committee then makes their recommendations to the City Commission. Recipients are required to report quarterly to the ADEDC to demonstrate they are meeting thresholds. For more information, see JIF Guidelines.
Job Investment Fund (JIF)
The Albany JIF provides funding for job creators in for-profit businesses that create a minimum of 100 jobs or $10 million in capital investment. Awards range from $200,000 to $6 million, depending on the level of investment. The ADEDC manages the application and funding process and recommends recipients to Albany’s Long Term Financial Planning Committee. The committee then makes their recommendations to the City Commission. Recipients are required to report quarterly to the ADEDC to demonstrate they are meeting thresholds. For more information, see JIF Guidelines.
Freeport Exemption
Dougherty County’s Category 4 Freeport Exemption provides the highest level of exemption from local property tax for business inventory or real property, including: Inventory of goods in the process of being manufactured or produced, which includes raw materials and partly finished goods; inventory of finished goods manufactured or produced in Georgia held by the manufacturer or producer for a period not to exceed 12 months; inventory of finished goods on January 1 that are stored in a warehouse. For more information or an application, click here.
For qualified projects, employers can receive up to $4,000 for each new job created for 5 years. Eligible businesses include those in manufacturing; data and contact centers; distribution, warehousing and logistics; telecommunications; financial technology; and research and development. Credits can be used against 100% of Georgia income tax liability and withholding tax.
Administered by Georgia’s Department of Community Affairs, the DCA Opportunity Zone (differing from a federal Opportunity Zone) opens incentivization to a broader range of businesses, including retail, and allows qualified projects that create at least two jobs to receive $4,000 for each job created for 5 years, against 100% of Georgia income tax liability and withholding tax.
Companies that meet the qualifications for Georgia’s Job Tax Credit may also qualify for a Georgia Port Tax Credit, if they increase exports or imports through Georgia ports during the tax year by a specified amount.
Whether expanding or relocating on an Albany-Dougherty site in need of brownfield remediation, companies may be eligible for either loans or grants through the EPA Brownfield Sites program. The ADECD will be happy to work with applying companies to provide assistance and facilitation.
In order to enhance Downtown Albany and keep it flourishing, the city administers and provides application assistance for a variety of state and federal incentives, including:
- DCA Downtown Development Revolving Loan Fund: Assists with below-market rate financing for qualified projects in historic neighborhoods that spur commercial redevelopment.
- The Georgia Cities Foundation Revolving Loan Fund: Available for qualified projects that enhance downtown through commercial development, jobs creation, housing or cultural enrichment.
- The Green Communities Fund: Provides a 25% rebate for pre-approved, eligible energy efficient improvements for qualified downtown projects, including commercial and mixed-use development.
- Georgia Tax Incentives for Historic Preservation: Provides a 25% state income tax credit for qualified historic property rehabilitation projects, capped at levels ranging from $100,000 to $10 million, depending on the type of property.
- Federal Tax Incentive Programs for Historic Preservation: For qualified income-producing properties, provides a federal income tax credit equal to 20% of qualified rehabilitation expenses.
Tier 1 Georgia Job Tax Credits
For qualified projects, employers can receive up to $4,000 for each new job created for 5 years. Eligible businesses include those in manufacturing; data and contact centers; distribution, warehousing and logistics; telecommunications; financial technology; and research and development. Credits can be used against 100% of Georgia income tax liability and withholding tax.
Georgia Opportunity Zone Job Tax Credits
Administered by Georgia’s Department of Community Affairs, the DCA Opportunity Zone (differing from a federal Opportunity Zone) opens incentivization to a broader range of businesses, including retail, and allows qualified projects that create at least two jobs to receive $4,000 for each job created for 5 years, against 100% of Georgia income tax liability and withholding tax.
Georgia Port Tax Credit
Companies that meet the qualifications for Georgia’s Job Tax Credit may also qualify for a Georgia Port Tax Credit, if they increase exports or imports through Georgia ports during the tax year by a specified amount.
EPA Brownfield Program
Whether expanding or relocating on an Albany-Dougherty site in need of brownfield remediation, companies may be eligible for either loans or grants through the EPA Brownfield Sites program. The ADECD will be happy to work with applying companies to provide assistance and facilitation.
Downtown Albany Development Incentives
In order to enhance Downtown Albany and keep it flourishing, the city administers and provides application assistance for a variety of state and federal incentives, including:
- DCA Downtown Development Revolving Loan Fund: Assists with below-market rate financing for qualified projects in historic neighborhoods that spur commercial redevelopment.
- The Georgia Cities Foundation Revolving Loan Fund: Available for qualified projects that enhance downtown through commercial development, jobs creation, housing or cultural enrichment.
- The Green Communities Fund: Provides a 25% rebate for pre-approved, eligible energy efficient improvements for qualified downtown projects, including commercial and mixed-use development.
- Georgia Tax Incentives for Historic Preservation: Provides a 25% state income tax credit for qualified historic property rehabilitation projects, capped at levels ranging from $100,000 to $10 million, depending on the type of property.
- Federal Tax Incentive Programs for Historic Preservation: For qualified income-producing properties, provides a federal income tax credit equal to 20% of qualified rehabilitation expenses.