Empowerment Zone

[Karried]

Are most of you familiar with this?

Why wouldn't companies want to start a business in Downtown Oklahoma? This is from the Chamber:



Empowerment Zone

Millions in tax breaks and benefits. Businesses are cashing in. Many area firms have laid claim to thousands of dollars in federal tax breaks on employee wages - and you can too.

WHAT: Oklahoma City's Empowerment Zone (EZ) is a federally designated area created to promote public-private collaboration and stimulate job growth. It's a pool of tax breaks and incentives for businesses and employees in the Zone, as much as $4.5 billion through December 31, 2009.

Wage Credits: Tax credits of up to $3,000 per year for each qualified EZ employee - newly hired or already on the payroll - who lives and works in the EZ.

Bond Financing: Tax-exempt facility bonds to finance property, equipment and site development.

Tax Deductions: Increased expensing deductions - up to $35,000 for depreciable assets acquired this year.

Capital Gains: Zero percent and non-recognition of gain on sale of assets, or partial exclusion of gain from sale of EZ stock.

WHERE: The Empowerment Zone includes most of downtown OKC, extending roughly three to five miles north and south of I-40 and east and west of I-235. Businesses located here can claim the tax incentives on their federal tax returns every year through December 31, 2009. VIEW THE MAP HERE.

[Midtowner]

A friend of mine just moved his business (an IT consulting firm that also does onsite computer repair/recovery) into the empowerment zone. He's going to be cleaning up on his taxes from what I understand.

The location is also great.

[windowphobe]

One of not too many good ideas from the Department of Housing and Urban Development.

The southwest corner of the Zone, you'll note, includes the new Dell campus.