Opportunity Zones are defined as areas where state or local governments offer tax incentives to bring companies and employment to boost the “opportunity” for local employment and other taxes. They are usually located within or adjacent to blocks with 15% or higher poverty rate which don’t always fall in blighted areas.
Many companies that move to states with such incentives don’t apply for these incentives.
One incentive is when a company that hires >2 new employees in an opportunity zone can get a $3,500 tax credit toward Georgia state income tax liability or payroll withholding tax.
Not only the State of Georgia offers incentives, but rural areas offer incentives to bring employment which could involve 20 year property and ad-valorem tax abatement.
Source: Atlanta Business Chronicle, August 15-21, 40A