Peachtree Corners eliminates tax for new tech companies

The Peachtree Corners City Council voted recently to create a tax exemption program for new and emerging technology businesses. According to city documents, the purpose of the program is to encourage new businesses that operate in high technology, life sciences, and intellectual property.

The program is designed to help with the creation of new businesses in emerging markets and technologies whether developed at public or private business incubator facilities or by the efforts of individual entrepreneurs. The city hopes to reduce the start-up costs to new businesses by providing specific regulatory and taxation relief until these new business ventures become ready to compete in the marketplace.

The program is limited to the first three years of operations, and/or gross receipts not exceeding $1 million. The program also eliminates tax on the number of employees for the first three years of operations.