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The Buffalo-Lackawanna Renewal Community is one of 40 areas in the nation selected by the Department of Housing and Urban Development to receive special federal tax incentives. These tax incentives are available to eligible businesses within the Renewal Community zone and are designed to stimulate economic investment in the zone.
What benefits can I receive?
The Buffalo-Lackawanna Renewal Community provides benefits in the form of Federal Tax Credits which your accountant or tax preparer may claim when you file your federal taxes. Examples of some of the credits available are:
How Do I know if I qualify?
- Work Opportunity Tax Credit - businesses can receive credit against federal taxes of up to $2,400 per year for each new hire from traditionally high unemployment groups who live within the zone.
- Zero % Capital Gains Rate - Property holders within the zone will not have to claim income on the sale or exchange of the property. Property must be held for a minimum of five years.
- Wage Tax Credit - businesses can receive credit against federal taxes of up to $1,500 per year for every employee and new hire who lives within the Renewal Community Zone
The Renewal Community covers specific geographic areas within the City of Buffalo and Lackawanna. You may qualify for benefits by being located within a qualified census tract. To see if your business is located within the Renewal Community, view the map or call (716) 842-1330. Click here for additional information from the U.S. Dept. of Housing and Urban Development, or check out if your address is in the eligible area by using their address locator at: http://egis.hud.gov/egis/cpd/rcezec/welcome.htm
Who do I contact?
For Renewal Community inquiries, please call Christopher Finn at (716) 842-1330.
Please contact your tax attorney or accountant for details regarding your eligibility to claim these incentives. To obtain copies of relevant IRS publications, please phone 1-800-829-3676 or visit www.irs.ustreas.gov or www.hud.gov/offices/cpd/economicdevelopment/programs/rc/about/.
