The City of is one of 40 communities in the United States that is eligible to share in Federal tax incentives to stimulate job growth and promote economic development. The current Niagara Falls Renewal Community consists of census tracts 202, 204, 205 206, 209 and certain areas of CT 211 based on the 2000 census data.
Your business may qualify for some of the Federal tax incentives that accompany this designation – the Commercial Revitalization Deduction (CRD), RC Employment Tax Credit, for instance allows businesses located in the RC to claim tax credits for each employee that lives and works in the Niagara Falls RC. You may also be eligible for the Increased Section 179 deduction and Capital Gain Exclusion.
Eligibility Requirements include:
Developers and businesses specializing in redeveloping abandoned and underutilized buildings in RCs.
Developers and businesses undertaking new building construction projects in RCs.
Businesses located in RCs that cannot meet the Renewal Community Business definition (that is, they do not meet the 35% RC resident employee requirement, their employees perform services outside the RC, or too much of their gross income is earned outside the RC).
For more information on the Renewal Community (RC) and the RC credits, please contact Tom Tedesco, Renewal Community Coordinator at (716) 286-4482. You can also consult the IRS web site at www.irs.gov and search on Renewal Community for a list of Renewal Community publications. These incentives are available through December 31, 2009.
Please call or stop by City Hall Room #17 to learn more how you can benefit from being located in the Niagara Falls Federal Renewal Community.
Interested in information regarding investing in Niagara Falls Real Estate, please call Colleen Kulikowski at (716) 650-0051
Selection of Properties For Sale
All statistics are gathered from the Buffalo Niagara Association of REALTORS®.
For more information – call our J. Philip Real Estate Team at: (716) 650-0051
Thinking of selling your Western New York home? Interested in finding out the current market value of your single family home, condo or investment property? Then call us at (716) 650-0051 to discuss what is happening in today’s Western New York Real Estate Market. We would be happy to give you a personalized Comparative Market Analysis for your home or assist you to purchase a home.