Atlanta Renewal Community Program

Program Overview:

Atlanta was designated by the U.S. Department of Housing and Urban Development (HUD) as a Renewal Community (RC) along with 40 other communities nationwide. As part of a Renewal Community, Atlanta will receive tax incentives to spur economic development and job growth. Atlanta’s RC designation will last through December 31, 2009.

In addition, the City has retained its remaining Empowerment Zone (EZ) Title XX funds as part of the RC program. The City intends to encourage the use of tax credits and incentives to leverage the economic development potential of the EZ funds and other Health and Human Service funding for comprehensive community revitalization.

TAX Incentives:

Wage Credit – Credit against Federal taxes up to $3500, dependent on employee category, for each employee who lives and works in the Renewal Community.

Commercial Revitalization Deduction – An accelerated depreciation deduction period for commercial real estate property, either new construction or substantial (more than adjusted basis) rehabilitation.

Capital Gain Exclusion – Allows a 0% capital gains rate for Renewal Community assets held for a minimum of 5 years.

Increased Section 179 Deduction – Up to to an additional $35,000 immediate depreciation expense for machinery or equipment, including computers, placed in service that year.

For more information and qualification guidelines, go to www.andpi.org or call 404.522.2637.