IRS and HUD announce Webcast about a variety of tax incentives

The Internal Revenue Service and Department of Housing and Urban Development are sponsoring a free Web cast on October 11, 2-4 p.m. EST, to provide an overview of tax incentives for Renewal Communities and Empowerment Zones and updates on changes to these incentives.

A panel of IRS experts will address employment credits, work opportunity tax credits, commercial revitalization deductions, increased Section 179 deductions, and other incentives worth billions of dollars.

Register by October 5, 2007 at OCRTaxCredit@hud.gov. RealPlayer is required for viewing the Web cast at www.hud.gov/webcasts/schedule. Viewers can visit this Web site in advance to download a free updated version of this software and to test the audio and video on their computers while viewing a portion of any archived HUD Web cast.

The U.S. Troop Readiness, Veterans' Care, Katrina Recovery, and Iraq Accountability Appropriations Act signed May 25, 2007 provided immediate increases in tax incentives for employers in Renewal Communities, Empowerment Zones, and rural renewal counties.

The estimated $11 billion in federal tax incentives include increased deductions, accelerated depreciation, low-interest loans through facility bonds, tax savings on capital gains, and employment tax credits directed towards employers, investors, business owners, and stockholders that hire local residents, upgrade equipment needs, and build or rehabilitate commercial property in Renewal Communities and Empowerment Zones designated by HUD from nominations submitted by state and local governments.

These tax incentives can help business people save money, finance equipment upgrades, and build or rehabilitate commercial property in Renewal Communities and Empowerment Zones. The Work Opportunity Tax Credit has recently been expanded to provide even greater savings to employers who hire residents of Renewal Communities or Empowerment Zones.

For additional information, see Work Opportunity Tax Credits Expanded to Promote Tax Incentives for Economically Distressed Areas, and IRS Publication 954, Tax Incentives for Distressed Communities.

 

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