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Employment Credit
You are credited with 15% of an employee's wages up to $10,000 if he or she both live and work in the Parlier renewal community, if the employee works more than 90 days in a calendar year. This includes existing employees and newly hired employees for each year starting in 2002 through and including 2009. Appendix A.

Increased Section 179 Deduction
Allows businesses to claim increased Section 179 deduction (up to $35,000 in additional expensing) if the business qualifies as a Renewal Community Business. Can be claimed on certain depreciable property such as equipment and machinery.

One-Year Equipment Expensing
You can expense up to $59,000 of equipment purchased. Only qualified renewal community business can do this. See Appendix B. Only qualified renewal community property is eligible. See Appendix C.

Commercial Revitalization Deduction
Businesses can deduct either one-half of qualified revitalization expenditures (QREs) in the first year a building is placed in service, or all of the QREs on ratable basis over 10 years if QREs have been allocated to revitalization of a commercial building located in a Renewal Community. State may allocate up to $12 million in deductions (not more than $10 million per project) for each year, 2002-2009, for each Renewal Community in the state. Business does not have to be a Renewal Community Business. Projects that qualify are listed in
Appendix D.

Capital Gain Exclusion
After a minimum of 5-years, the holder of an RC asset acquired between January 1, 2002, and December 31, 2009, will not have to include in its gross income any qualified capital gain from the sale of exchange of the asset. There are a number of qualifications for this and they are included in
Appendix E.
 
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