Tips for Applying for the CRD
- Your project must meet all IRS eligibility requirements first (see "Quick Test" for a short list of key issues; however, please make sure your project satisfies all IRS requirements)
- Helpful Publications and Resources:
- IRS Publication 954
- On-line Presentation "Commercial Revitalization Deduction"
- Attend workshops
- A List of Frequently Asked Questions to the IRS about the CRD has many useful answers to common questions
- Once you are sure your project meets federal qualifications, you must fill out and turn in the Chattanooga application. Just because your project qualifies by the federal guidelines it does not mean you will be awarded tax deductions for your project.
- Pay attention to the priorities that the CRD Authority has established: quality building projects without demonstrating the addition of new permanent jobs are not likely to get CRD awards. Hint: If a project results in lease space available, make sure to line up tenants before applying that are either new-to-Chattanooga or expanding as a result of the project.
- HUD WorkPad--Commercial Revitalization Deduction
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