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Increased Section 179 Deduction |
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 Renewal Community business owners that have at least 35% of their workforce from the Renewal Community may be able to increase their allowable Section 179 Deduction by $35,000 per year.
Section 179 of the Internal Revenue Code allows business owners to deduct all or part of the cost of certain qualifying equipment and property in the year it is placed in service or by taking depreciation deductions over a specified recovery period. There are limits, however, on the amount businesses can deduct in a tax year.
Who’s Eligible?
- Businesses located in the Renewal Community that need to update existing equipment or purchase new equipment.
- Renewal Community businesses with relatively small equipmernt needs (less than $200,000) in any tax year.
- Businesses with new equipment needs that are moving into the Renewal Community.
Download Form and Publications
Form 4562 Depreciation and Amortization
Publications 946 How to Depreciate Property
Publication 954 Tax Incentives for Distressed Communities
The Atlanta Renewal Community (RC) includes more than 100 neighborhoods. Visit www.hud.gov/crlocator to determine if your future business is located in the Renewal Community.
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