IRS Special Edition Tax Tip 2016-16: Reminder to Businesses: Special Tax Benefits Still Available in 40 Designated Empowerment Zones

 

IRS Tax Tips December 1, 2016

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Issue Number:    IRS Special Edition Tax Tip 2016-16 Inside This Issue Reminder to Businesses: Special Tax Benefits Still Available in 40 Designated Empowerment Zones Eligible businesses can still claim Empowerment Zone tax benefits through the end of this year. Empowerment Zones are certain urban and rural areas where employers and other taxpayers qualify for special tax benefits. The Department of Housing and Urban Development and the Department of Agriculture designated 40 economically distressed locations as empowerment zones. Find a list of them in the instructions to IRS Form 8844. Key Empowerment Zone tax benefits include: Empowerment Zone Employment Credit. Eligible employers can claim this credit on Form 8844. It is worth up to $3,000 and is available to businesses based on wages paid to each qualified employee who both lives and works in an empowerment zone, Increased expensing for qualifying depreciable property, Tax-exempt bond financing, Deferral of capital gains tax on the sale of qualified assets sold and replaced, and Partial exclusion of capital gains tax on certain sales of qualified small business stock. Find more information about empowerment zones on HUD's website at https://www.hudexchange.info/programs/community-renewal-initiative.   Share this tip on social media -- #IRStaxtip: Reminder to Businesses: Special Tax Benefits Still Available in 40 Designated Empowerment Zones. http://go.usa.gov/x8U8t. #IRS.   Back to Top Thank you for subscribing to IRS Tax Tips, an IRS e-mail service. For more information on federal taxes please visit IRS.gov. This message was distributed automatically from the IRS Tax Tips mailing list. Please Do Not Reply To This Message.

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