Tax Savings Available for San Diego Businesses
City, Partners Offer Training Seminar for “Renewal Community” Incentives

SAN DIEGO – The City of San Diego, in partnership with business and industry associations, is presenting “FREE MONEY: New Federal Tax Savings for San Diego’s Renewal Community” – a seminar on how to take advantage of the exceptional federal income tax benefits now available to businesses located within San Diego’s recently designated Renewal Community. 

The 2000 Community Renewal Tax Relief Act established significant federal income tax savings for businesses, investors, and developers in 40 areas around the country designated as “Renewal Communities.” San Diego received a Renewal Community designation for the neighborhoods of Barrio Logan, Centre City, Lindbergh Field, Southeastern San Diego, Encanto Neighborhoods and Eastern Area. These Renewal Community tax savings are effective for the period of January 1, 2002, through December 31, 2009. Renewal Community tax savings include: Renewal Community wage credit, increased section 179 expensing, zero percent capital gains rate for Renewal Community assets, and commercial revitalization deduction.

These tax provisions, while providing substantial savings for business owners, have numerous complications.  The seminar is a comprehensive presentation intended to introduce tax attorneys and certified public accountants, as well as other professional service providers or developers to the complex new tax law.  The seminar, which is eligible for continuing education credits for both accounting and legal professionals, will be held on:

Saturday, October 26, 2002, 8 - 11:45 a.m. San Diego County Bar Association Building, 1333 Seventh Ave., San Diego. The cost is $70 for SDCBA and CalCPA members, $75 for non-members.

The seminar is presented in partnership with the City of San Diego, the San Diego County Bar Association, the California Society of Certified Public Accountants, San Diego Business Improvement District Council, Downtown Partnership, Diamond BID and Little Italy BID.

The Economic Development Division of the City’s Community and Economic Development Department has oversight over the implementation of San Diego’s federal Renewal Community designation.  For further information on how to register for the seminar or information on the RC designation, contact Ples Felix, City of San Diego Special Incentives Group Manager, at 619-533-5442. 

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With an emphasis on the City’s urban core neighborhoods and low and moderate income residents, the Community and Economic Development Department strives to improve the quality of life and ensure a healthy economy in San Diego through job development, business development, neighborhood revitalization, public improvements, redevelopment, social services, and revenue enhancement