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Thinking of relocating your business? Expanding to another location? You may qualify for both federal and state tax benefits designed to encourage business growth in economically–challenged areas.
The federal government has several different designations for which a business may be eligible. Each designation has its unique tax benefits.
Depending on the type of designation you obtain, you may qualify for:
For more information about federal tax breaks for designated businesses, see IRS Publication 954, Tax Incentives for Empowerment Zones and Other Distressed Communities, at www.irs.gov and HUD's Tax Incentive Guide for Businesses.
Many states have their own designations for distressed areas, such as Empire Zones in New York and Keystone Opportunity Zones in Pennsylvania. You can learn about designations in your state through the commerce department or contact your local government, redevelopment departments, or industrial development corporations listed in your local telephone directory. Benefits for businesses that obtain designation may include:
Tina Raymond, the owner of Gardens, LLC, a silk flower and trim business in Mt. Vernon, New York, learned of New York's program for Empire Zone designation through her landlord. Inquiring at City Hall, she completed the application on her own and received Empire Zone designation from New York six months later. Her observations on the process: