Invest Atlanta staff drove home the importance of economic development during their presentation of two items before the Atlanta City Council’s Finance/Executive Committee.
First, Investor Atlanta staff introduced a proposed ordinance that would introduce a 100% free port tax exemption for manufactured and produced goods and inventory in the city of Atlanta. The intent of the bill is to create incentives for manufacturing businesses to stay in the city thus keeping open employment opportunities for labor that does not possess college degrees.
The estimated economic impact of the exemption, according to Invest Atlanta staff, is approximately $2 million a year.
The new ordinance will create a new section 146-39 in the city’s codes.
According to the Georgia Department of Revenue, sixty percent of Georgia cities and counties exempt tax on business inventories at levels ranging from 20% to 100%. Currently, Atlanta exempts 20% of the tax on business inventories.
By increasing the exemption to 100%, Atlanta hopes to keep businesses from relocating to neighboring metro Atlanta counties such as Fulton, Clayton, and Fayette.
The next step for the proposed ordinance is a December 2nd vote by the full city council.