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Renewal Community Tax Credit

Full Scale Provider of Tax Credit Services

If your business is located in one of 40 distressed communities named by the government in the 2000 Community Renewal Tax Relief Act, you could share in an estimated $17 billion in tax incentives for stimulating job growth, promoting economic development and creating affordable housing. Ask AmCheck for more information.

Tax Credits

  • If you hire and retain residents of a Renewal Community (RC), you might qualify for wage credits toward your federal tax liability. Businesses operating in a Renewal Community can receive a credit of up to $1,500 for each new or existing employee who lives and works in the RC.
  • When you hire an employee from a group with traditionally high unemployment rates or other special employment needs (such as youth who live in the RC), your business could qualify for up to $2,400 in a credit against their Federal tax liability.
Tax Deductions
  • Under the Commercial Revitalization Deductions, a business operating in a state with one or more RCs can deduct up to $5 million in the year a new commercial or industrial building is placed in service, or deduct the full amount of eligible expenditures pro rata over 10 years.
  • Section 179 Deductions under the tax code allow a qualified RC business to expense up to $35,000 of additional qualified property such as equipment and machinery acquired each year during the period of the RC designation, 2002 through 2009.
  • Environmental Cleanup Cost Deductions allow businesses to deduct qualified cleanup costs in Brownfields.
Capital Gains Exclusions
If your business operates in an RC and acquires a property or an interest in a property there during the period of RC designation and holds it for at least 5 years, you might be eligible for a zero percent capital gains rate.
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