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Federal Renewal Communities

In recent years, provisions have been added to the Internal Revenue Code that target specific geographic areas for special tax incentives. The special tax incentives afforded these areas are designed to attract business and investment to distressed urban and rural areas. As part of the Community Renewal Tax Relief Act of 2000, 40 renewal communities were designated by the Department of Housing and Urban Development.

Overview of Community Renewal Tax Relief Act of 2000:

  • In recent years, provisions have been added to the Internal Revenue Code that target specific geographic areas for special tax incentives. The special tax incentives afforded these areas are designed to attract business and investment to distressed urban and rural areas.
  • State & local governments nominated areas for designation as Renewal Communities
  • Secretary of HUD designated Renewal Communities by December 31, 2001
  • Federal Tax Incentives will be available January 1, 2002 through December 31, 2009

How Freed Maxick CPAs Can Help

We offer the following Renewal Community Services:

  • Tax planning and consultation re: qualifying for various Renewal Community (RC) Program benefits as well as remaining eligible for such benefits in future years
  • Determination of employees qualifying for RC employment tax credits (- for their employer)
  • Preparation of the annual tax form necessary to claim the RC employment credit
  • Determine eligibility for the RC commercial revitalization deduction
  • Preparation of the application for the RC commercial revitalization deduction
  • Determine eligibility for the RC capital gain exclusion

CONTACT US to learn more about our Tax Services.

ABOUT US: Freed Maxick CPAs is Western and Upstate New York’s (NY) largest public accounting firm and a Top 100 firm in the U.S. Freed Maxick provides audit, tax and consulting services to closely-held businesses, public (SEC) companies, not-for-profits and governmental entities in Buffalo, Rochester, Syracuse, Albany and NYC, New York.


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