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The Renewal Community ("RC") is a special tax designation given to Chattanooga by the federal government in the spring, 2002. This initiative provides federal tax incentives to businesses that invest, conduct business or hire people who live in a designated area of the community called the Renewal Community Zone. These special tax benefits consist of approximately 12 different tax credits, deductions, bond financing and other advantages that are exclusively available to businesses that invest or conduct business in the designated RC Zone.
Part of Mayor Bob Corker's economic development strategy, Chattanooga's participation in the RC Initiative is designed to help stimulate business investment in the local economy, provide incentives to hire persons who live downtown and in nearby neighborhoods and encourage entrepreneurial development in Chattanooga.
The geographic area for the RC Zone was determined for Chattanooga using a required statistical method by the federal government along with strategic development priorities of the City for revitalization. Chattanooga's zone includes much of the Central Business District, Southside area, Alton Park, MLK and other areas.
There are 40 Renewal Community cities, and only 27 urban areas, across the US that can offer these same tax benefits. This makes business investment in Chattanooga's downtown and surrounding urban areas in the zone even more attractive for business investment.
Atlanta, GA
Buffalo, NY
Burlington, VT
Camden, NJ
Charleston, SC
Chattanooga, TN
Chicago, IL
Central Louisiana
Corpus Christi, TX
Detroit, MI
Flint, MI
Eastern Kentucky
El Paso County, TX
Greene-Sumter County, AL
Hamilton, OH
Jamestown, NY
Lawrence, MA
Los Angeles, CA
Lowell, MA
Memphis, TN
Milwaukee, WI
Mobile, AL
New Orleans, LA
Newark, NJ
Niagara Falls, NY
Northern Louisiana
Orange Cove, CA
Ouachita Parish, LA
Parlier, CA
Philadelphia, PA
Rochester, NY
San Diego, CA
San Francisco, CA
Schenectady, NY
Southern Alabama
Tacoma, WA
Turtle Mountain Band of Chippewa, ND
West Central Mississippi
Yakima, WA
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