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Businesses save big with the Renewal Community
ATTENTION EMPLOYERS OF BUSINESSES LOCATED IN THE RENEWAL COMMUNITY (RC)!! You can get a credit agains your federal taxes up to $1,500 for each employee and new hire who lives and works in the RC.
Did you know that your business is located in a
federally-designated
Renewal Community (RC) area? Did you know that you can save
thousands of dollars at tax time?
RC and EZ tax benefits are designed to encourage investment and local hiring in
developing urban and rural areas. The federal government made $11 billion in tax
incentives available to small and large businesses in these areas through December
2009. The Renewal Community Employment Credit (RC Wage Credit) gives busi-
nesses credits up to $1,500 per qualified employee, per year, beginning January 1
2002, and continuing through December 31, 2009.
To be eligible for RC wage credit your employees need to reside inside the Lowell RC
(RC MAP in the back). To verify that your business operations and your employees re-
side inside the RC, simply input your address at: http://www.hud.gov/crlocator, or call
your local RC representative at the City of Lowell, Economic Development Office at
(978) 446-7200.
Please inform your accountant/ tax preparer that your business is located in the RC
and be sure to claim these credits on your federal income taxes. You can also amend
prior year filings and claim benefits retroactively to 2002.
Full details are available in IRS Publication 954, which can be downloaded at
www.irs.gov.
For more information on these incentives, please contact you local RC rep-
resentative at the City of Lowell, Economic Development Office at
(978) 446-7200.
Renewal Community (RC) area? Did you know that you can save
thousands of dollars at tax time?
RC and EZ tax benefits are designed to encourage investment and local hiring in
developing urban and rural areas. The federal government made $11 billion in tax
incentives available to small and large businesses in these areas through December
2009. The Renewal Community Employment Credit (RC Wage Credit) gives busi-
nesses credits up to $1,500 per qualified employee, per year, beginning January 1
2002, and continuing through December 31, 2009.
To be eligible for RC wage credit your employees need to reside inside the Lowell RC
(RC MAP in the back). To verify that your business operations and your employees re-
side inside the RC, simply input your address at: http://www.hud.gov/crlocator, or call
your local RC representative at the City of Lowell, Economic Development Office at
(978) 446-7200.
Please inform your accountant/ tax preparer that your business is located in the RC
and be sure to claim these credits on your federal income taxes. You can also amend
prior year filings and claim benefits retroactively to 2002.
Full details are available in IRS Publication 954, which can be downloaded at
www.irs.gov.
For more information on these incentives, please contact you local RC rep-
resentative at the City of Lowell, Economic Development Office at
(978) 446-7200.