 Map showing in green renewal areas of Sabine Parish.
Qualified businesses located in the either of these Rural Renewal Communities will be eligible to take advantage of Federal tax incentives to hire residents and to expand or improve their operations. Eight of the ten parishes served by The Coordinating & Development Corporation in Northwest Louisiana have been included in the State's Rural Renewal.
Renewal Communities are areas that are designated and recognized by the United States Department of Housing and Urban Development as distressed urban and rural communities in need of economic and social renewal. These designated communities are eligible to receive various federal tax incentives and support services.
CRD (Commercial Revitalization Deduction) is an accelerated federal tax depreciation incentive available to Louisiana businesses that substantially renovate or construct buildings within a designated Renewal Community. The depreciation incentive allows businesses to accelerate the depreciation of that property over a shorter period of time than allowed under standard depreciation laws.
The state is now accepting applications for the $48 million in federal Commercial Revitalization Deductions available to Louisiana. The deadline for the applications will be October 29, 2004. The depreciation incentives will be awarded to businesses based on a number of criterions, including the projected number of jobs created as a result of the new construction or renovation.
Louisiana has four federally designated renewal communities, comprising most of North and Central Louisiana as well as portions of Orleans and Jefferson Parish. Each of the Louisiana’s four renewal communities has access to up to $12 million.
To determine if your business address is in and/or your employees reside in a Renewal Community, just CLICK HERE which will take you to a database where you can key in your information and find answers!
Renewal Community Wage Credits: CLICK HERE
Questions and Answers: CLICK HERE
Download Forms: CLICK HERE to download forms provided by the Northeast La. Eco Alliance, including the following forms: Tax Incentive Guides, Resident Certifications, IRS Publication 954, Quick Guide to Renewal Communities, IRS Form 4562 for Additional Expensing, Application for Commercial Revitalization Allocation, Increased 179 Deduction Workpad, Commercial Revitalization Allocation Worksheet, EZ/RC Business WorkSheet, Work Opportunity Tax Credit for RC's Worksheet, and RC Meeting Sign In Sheet.
Tax Benefits: CLICK HERE
Tax Help: CLICK HERE
For additional information, to find out if your business qualifies or to apply online, visit the Louisiana Renewal Community website online at www.renewalla.com.
Coordinating and Development has an overview of the Renewal Community Initiative with some good details. CLICK HERE to check this out. On this site, tax incentives are summarized, geographics are detailed/provided, and information is provided on qualified businesses and qualified employees.
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