Peachtree Corners Council To Consider Tax Exemption For Tech Startups

PEACHTREE CORNERS, GA -- Peachtree Corners city council is considering giving tax breaks to new and emerging technology companies that locate in the city.

A new ordinance, which the council will consider at its meeting on Tuesday, would create a tax exemption for businesses "in certain fields related to high technology, life sciences, information technology and intellectual property."

The exemption would last for three years, or until the business has earned $1 million in gross receipts.

"The program is designed to encourage 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 ordinance reads. "The development of technology into a commercial product by going through the process of business planning, product development, securing funding, and other steps necessary to get the technology to the marketplace can be made easier by tax exemption and reduced cost of regulatory compliance.

"The city wishes to reduce the start-up costs to new businesses by providing specific regulatory and taxation
relief until such business ventures become ready to compete in the marketplace."

City council will meet Tuesday, July 19, at 7 p.m. at city hall.