§ 14-500. Purpose of the program.

(a)

The purpose of the City of Peachtree Corners' Program for Tax Exemptions for New and Emerging Technology Businesses (the "program") is to encourage new businesses that operate in certain fields related to high technology, life sciences, and intellectual property by providing exemption from administrative fees and a portion of taxes imposed by the City of Peachtree Corners Occupation Tax Ordinance.

(b)

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 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.

(c)

Three public benefits characterize the purpose of the program:

(1)

Tax exemptions and reduced cost of regulatory compliance creates a lower cost environment for new and emerging technology businesses and encourages the selected types of businesses to locate their operations and develop their business within the city;

(2)

Tax exemptions and reduced cost of regulatory compliance tends to have a positive impact on the city's economic health by encouraging and maximizing the success of new and emerging businesses in targeted fields that tend to provide higher paying jobs and encourage growth in related sectors;

(3)

The program encourages registration of new and emerging businesses in targeted fields by allowing such businesses to be able to openly solicit capital investment and business advice before actively earning revenues or receiving gross receipts.

(d)

This program is enacted pursuant to O.C.G.A. § 48-13-10(f) and any part of this division which is not authorized by said section or the general law is a specific limitation of this division without regard to whether it is set forth herein and such general law may be relied upon for enforcement of this division or this article.

(Ord. No. 2016-06-74, § II, 7-19-2016)