Economic Development Webcasts

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Webcast on the $11 billion Empowerment Zone and Renewal Community Tax Incentives

The Internal Revenue Service (IRS) and U.S. Department of Housing and Urban Development (HUD) invite you to view the archived version of a webcast that these two agencies originally co-hosted on October 11, 2007. Tune in to the archived version using the link below to learn about the $11 billion package of tax incentives for businesses in Empowerment Zones (EZs) and Renewal Communities (RCs) and updates on changes to these incentives. A panel of IRS experts discuss employment credits, work opportunity tax credits, commercial revitalization deductions, increased Section 179 deductions, and other incentives.

The archived version of the webcast is available for easy chapter-by-chapter viewing at http://www.connectlive.com/events/hud101107/. Please send an e-mail to OCRTaxCredit@hud.gov if you would like to receive the set of PowerPoint slides featured in the webcast.

Tax Benefits Available in Eligible Communities

Empowerment Zone and Renewal Community tax incentives are designed to encourage investment and local hiring in these developing urban and rural areas. The $11 billion in tax incentives made available by the federal government have already helped eligible businesses save up to tens of thousands of dollars. The work opportunity tax credit has recently been expanded to provide even greater savings to employers who hire residents of Empowerment Zones or Renewal Communities.

For more information on the $11 billion tax incentive package available to businesses in Empowerment Zones and Renewal Communities, please read IRS Publication 954, Tax Incentives for Distressed Communities, available on the Internet at http://www.irs.gov/publications/p954/index.html.

To view maps of the Empowerment Zones and Renewal Communities and to determine if specific addresses are located in these designated areas, visit HUD’s Address Locator at http://www.hud.gov/crlocator. For more information on the Empowerment Zone and Renewal Community programs, visit the Office of Community Renewal website at http://www.hud.gov/cr or call (202)-708-6339.

Other important publications related to the October 11, 2007 webcast:

Tax Incentive Tips for Accountants and Businesses in Renewal Communities

Tax Incentive Tips for Accountants and Businesses in Empowerment Zones

IRS Publication 4492, Information for Taxpayers Affected by Hurricanes Katrina, Rita, and Wilma.