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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
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