Business Services : Jefferson Parish Renewal Community
Jefferson Parish Renewal Community
The Renewal Community (RC) Program is an economic revitalization program that utilizes federal wage credits, tax deductions, capital gains exclusions and bond financing as inducements for companies to locate in a Renewal Community and to hire additional workers.
Wage Credits - the Renewal Community Employment Credit rewards businesses for retaining or hiring individuals who live and work in a Renewal Community. Up to a $1,500 credit per year for each existing employee and new hire.
Deductions - Increased section 179 deduction allows Renewal Community businesses to deduct up to $35,000 for certain depreciable property, such as equipment and machinery. Also, Commercial Revitalization Deductions and Cleanup Cost Deductions.
Bond Financing - Qualified Zone Academy Bonds allow the state or local governments to issue bonds at zero percent interest cost to them to finance public school programs with private business partnerships.
Zero Percent Capital Gains Rate - A business that acquires a Renewal Community asset after Dec. 31, 2001 and before Jan. 1, 2010 and holds it for at least five years does not have to include any qualified capital gain from the asset's sale or exchange in its gross income.
The area bound by the Earhart Expressway, Monticello Avenue,the Mississippi River and Deckbar Avenue in Jefferson Parish is a part of the Jefferson/Orleans Renewal Community.
Incentives offered through the RC initiative will be good for up to eight years from January 2002 through December 2009.For more information on the Renewal Community Program, please visit the Renewal Community Official website.
