DOWNTOWN TAX INCENTIVES
Description of Project:
Businesses located in the Renewal Community qualify for federal employee and employer tax credits and deductions. These tax incentives provide business owners with tax breaks for hiring residents in the Renewal Community. Businesses are also eligible for more tax breaks for investing in the area and/or business equipment. Through the Renewal Community program, qualifying businesses can also amend their income taxes back to 2002, thus capturing additional write offs.
Background Information:
The U.S. Department of Housing and Urban Development (HUD) recently announced the expansion of the Renewal Community tax incentive program for the City of Flint and Mt. Morris Township. Four census tracts, including the Buick City site, were added to the original area that was designated in 2002.
HUD awarded a federal Enterprise Community designation to the City of Flint and Mt. Morris Township, in partnership with Genesee County Board of Commissioners and the State of Michigan in December 1994.
The City of Flint and Mt. Morris Township, and its community partners competed for, and were upgraded to, a federal Renewal Community program in January 2002. They are one of 40 urban cities to receive this designation, and one of 20 Enterprise Communities to be upgraded to the Renewal Community level. In addition to businesses, the Renewal Community program also provides agencies, governments, and nonprofits with assistance in applying for federal funds which service the Renewal Community areas. The Renewal Community terminates on December 31, 2009.
The Flint Area Enterprise Community, Inc. (FAEC) is the agency responsible for coordinating the Renewal Community plan with government agencies and local partners. |
