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HUD Empowerment Zones (EZ) and Renewal Communities (RC) Tax Incentives

HUD Empowerment Zones (EZ) and Renewal Communities (RC) Tax Incentives. Katie Williams Sr. Stakeholder Liaison. Internal Revenue Service Stakeholder Liaison Outreach.

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HUD Empowerment Zones (EZ) and Renewal Communities (RC) Tax Incentives

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  1. HUD Empowerment Zones (EZ) and Renewal Communities (RC) Tax Incentives Katie Williams Sr. Stakeholder Liaison Internal Revenue Service Stakeholder Liaison Outreach

  2. IRS and the Department of Housing and Urban Development (HUD) are partnering to educate the public about tax incentives available to small businesses located in Empowerment Zones (EZ), Renewal Communities (RC), and other economically distressed areas Introduction

  3. Creates and retain jobs • Expands business opportunities in EZs and • RCs • Encourages communities to strengthen • their economic bases • Builds strong and enduring public and • private partnerships Benefits of the EZ/RC Initiative

  4. Generally, businesses must be located in designated EZ/RC • Check the Web at: • www.hud.gov/crlocator or • Call HUD at 1-800-998-9999 How to Participate

  5. Wage Credits - EZ Employment Credit; • WOTC Credits •  Deductions - Increased 179 Deduction • Investment Incentives - Partial Gross • Income Exclusion of Capital Gains; • Enterprise Zone Facility Bonds; • Qualified Zone Academy Bonds EZ Tax Incentives

  6. Wage Credits - RC Employment Credit; • WOTC Credits •  Deductions - Commercial Revitalization • Deduction;Increased 179 Deduction • Investment Incentives - Gross • Income Exclusion of RC Capital Gains; • Qualified Zone Academy Bonds RC Tax Incentives

  7. On May 25, 2007, the President signed • Public Law 110-28 • The law provides immediate increases • in tax incentives for employers in EZs, • RCs, and rural renewal counties • The Empowerment Zone and Renewal • Community Enhancement Act of 2007 Developments

  8. More Information IRS Publication 954, Tax Incentives for Distressed Communities HUD’s Address Locator at www.hud.gov/crlocator. Empowerment Zone and Renewal Community Tax Tips are available at www.hud.gov/cr. Call HUD at (202) 708-6339 or e-mail OCRTaxCredit@hud.gov for more information

  9. Questions

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