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Story Archives: Oct. 31 deadline for tax incentives for renovations
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Oct. 31 deadline for tax incentives for renovations
Northeast Louisiana Economic Alliance re-minds businesses in the northern and central Louisiana Renewal Com-munity areas to apply for the $24 million in federal Renewal Community Co-mmercial Revitalization Deductions Tax Incentive.
The Commercial Revi-talization Deduction (CRD) is an accelerated federal tax depreciation incentive available to businesses that substantially renovate or construct buildings within a designated Renewal Com-munity. To see if a newly or under construction building qualifies and to retrieve an application, go to www.renewalla.com. There is an address locater which will verify the qualification.
The depreciation incentive allows businesses to accelerate the depreciation of that property over a shorter period of time than allowed under standard depreciation laws. Many businesses have received awards ranging from $50,000 to several million dollars in accelerated tax deductions under the Renewal Community program, according to the NELEA
The state is now accepting applications for the $12 million in federal Commercial Revitaliza-tion Deductions available to each Renewal Community area. The applications for all Renewal Community designations are processed Northeast Louisiana Economic Alliance, 903 Louisiana Ave., Ferriday, La 71334.
The deadline for the applications is Oct. 31. The depreciation incentives will be awarded to businesses based on a number of criterions, including the projected number of jobs to be created as a result of the new construction or renovation from January 2008 through December 2009.
Louisiana has four federally designated renewal communities, comprised mostly of North and Central Louisiana as well as portions of Orleans/ Jefferson, and Ouachita Parishes. Each of the Louisiana's four renewal communities has access to up to $12 million in CRDs. NELEA encourages every business in a Louisiana Renewal Community to take advantage of all Federal tax incentives the Renewal Community Program has to offer.
For more information regarding what incentives your business could qualify for, please contact Michelle Boothe, VP of Northeast Louisiana Economic Alliance at 318-757-3033 ext 16. |
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