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RENEWAL COMMUNITIES Benefits for businesses



Published: Tue, January 22, 2002 @ 12:00 a.m.



Wage tax credit: A business can get a tax credit of up to $1,500 per worker for wages paid to workers or new hires who live in the zone.

Work opportunity credit: A business can get a credit against its federal tax for each worker hired from groups with traditionally high unemployment, such as youths who live within the zone.

Welfare-to-work credit: A business can get a credit of up to $3,500 in the first year of employment and $5,000 in the second year for each newly hired long-term welfare recipient.

Commercial revitalization deduction: A business can deduct up to $5 million in the first year a commercial or industrial building developed in the zone is used, or deduct the full amount prorated over 10 years.

Small-business deductions: Small businesses can deduct $35,000 for their equipment investments in one year, instead of over several years, and reduce their federal tax.Zero capital gains tax: Investors or businesses that hold assets for five years and then make a profit on stock, an interest in a company or on property, will pay no tax on the profit.

Special bond financing for schools: Local and state government can issue zero-interest bonds to finance public school programs that are linked to private business partnerships. Private business must be contributing at least 10 percent of the bond amount to the school program.

New market tax credits: Investors get credit against their federal taxes of 5 percent to 6 percent of the amount invested in a distressed area.

Other incentives: Environmental cleanup cost tax deductions, low income housing tax credits.




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