The Peachtree Corners City council passed an ordinance waiving occupational tax fees, or business licenses, as they are better known, for new and emerging technology businesses. The new law provides a three-year waiver of all occupational tax fees for those who are enrolled in an incubator program in the city. The waiver does not apply if a business generates $1 million in revenue within its first three years in operation.
“We thought this would be one way that the city could show it support for these ambitious men and women who are willing to take on the challenge of pursuing their dreams,” said Mayor Mike Mason.
Prototype Prime, a startup incubator in Peachtree Corners, opened its doors last fall and already has a number of teams of entrepreneurs who have enrolled in the program and taking advantage of the city’s tax break offer.
A business incubator has the potential to offer someone with an innovative idea to gain guidance, funding and a competitive edge for their budding new business. An incubator can step in by providing a services such as sharing office space, guidance in preparing a business plan, a support network of peers, industry coaching and mentoring.
Information: www.prototypeprime.com.
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