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Federal Empowerment Zone is a federal designation created to assist distressed areas in stimulating economic development by creating jobs for people with barriers to employment and giving them the opportunity to obtain permanent, full-time employment.
Federal Renewal Community is a federal designation for low-to-moderate income areas designed to encourage investment by businesses and developers to stimulate economic development and job creation.
The major benefits of this credit include:
- Employer Wage Credits: Businesses can take an annual tax credit of up to $1,500 in a Renewal Community, and, $3,000 in an Empowerment Zone for each employee who lives and works for the business in the respective area
- Sec. 179 Deduction: Sec. 179 deduction for “qualified zone property” placed in service by an FRC or FEZ business of up to $35,000
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