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If a business holds a Renewal Community Business asset acquired after December 31, 2001, and before January 1, 2010, for a minimum of 5 years, and employs at least 35% of its workforce from with in the RC zone during those 5 years, the business does not have to include any "qualified capital gain" from the asset's sale or exchange in its gross income. The following qualify as RC assets: RC business stock, RC partnership interests, or RC business properties. Only gain attributable to the period from to the period from January 1, 2002, through December 31, 2014 for RCs.
Target Audience:
-New business partnerships or corporations that issue new stock or ownership interests for entities with operations in the RC.
-Existing businesses with operations in the RC that issue new stock or acquire new ownership interests.
-Qualified business entities that purchase real estate in the RC.
(IRS forms not available yet; see IRS Pub. 954)
HUD WorkPad--Determining eligibility of an RC Business
PowerPoint Presentation
Additional FAQ |
