Renewal Community Empowerment Zone
The Empowerment Zone tax incentives and the Renewal Community tax incentives, are incentives to encourage businesses to open, expand, and to hire local residents who both live and work in an empowerment zone. The incentives include employment credits, a 0% tax on capital gains, increased tax deductions on equipment, accelerated real property depreciation, and other incentives. The EZ/RC tax incentives were provided as a tool for the designees to stimulate job creation and retention and business investment in buildings and equipment. The interagency partnership between HUD and IRS is essential because HUD has the economic development expertise and IRS has the tax expertise.
The residents, businesses and community organizations in the Lawrence Renewal Community Zone (RC) have long faced difficult economic challenges. The challenges are being addresses by development strategies:
Qualified zone employee:
Incentives Wage Credits: (ww.irs.ustreas.gov)
Tax Incentives for Distressed Communities:
Renewal Community & Empowerment Zone - HUD Address Locator:
Empowerment Zone and Renewal Community Empowerment Credit:
Use form 8844 to claim the empowerment zone and renewal community employment (EZRCE) credit.
For additional information contact Business Services Representative
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