Business Services Industry
Tax incentives for businesses in distressed communities: businesses in designated distressed areas are entitled to various tax incentives. This article provides an overview of the incentives available in designated empowerment zones and enterprise and renewal communities.
Tax Adviser, The, May, 2007 by Garrison, Larry R.
EXECUTIVE SUMMARY
* Businesses in designated EZs and RCs may be eligible for an employment credit, increased Sec. 179 expensing, tax-exempt bond financing and other tax incentives.
* A capital gain deferral applies to purchased EZ assets; a 60% exclusion applies to small business EZ stock.
* Enterprise zone facility bonds may be available to finance property acquisitions.
Since 1993, Congress has enacted a number of tax provisions that offer tax incentives for businesses operating in distressed communities. The various incentives provide for credits and enhanced deductions and exclusions, depending on an area's particular designation. The Community Renewal Tax Relief Act of 2000 (CRTRA 2000) highlighted the continued importance that...
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