Tax Savings Available for San Diego Businesses

SAN DIEGO - With the end of the year quickly approaching and businesses gearing up for tax season, the City of San Diego continues its outreach efforts to make businesses, investors and developers aware of new federal income tax savings opportunities. The City, in partnership with the San Diego Business Improvement District Council, the Downtown San Diego Partnership, the Diamond BID and the Little Italy Association, is presenting a series of free workshops on how businesses can take advantage of the Renewal Community tax provisions. Additional presentations are as follows:

• Friday, November 15, 2002, 9:00 to 11:00 a.m., Malcolm X Library, 5841 Market St., San Diego, hosted by Diamond BID
• Tuesday, November 19, 2002, 8:30-10:00 a.m., Our Lady of the Rosary Church, 1659 Columbia St., San Diego, hosted by Little Italy Association

The 2000 Community Renewal Tax Relief Act established significant federal income tax benefits 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. Businesses that are located in or invest in the Renewal Community area may be eligible for significant tax saving opportunities.

These Renewal Community tax savings are effective for the period of January 1, 2002, through December 31, 2009. Renewal Community tax savings include: zero percent capital gains rate for Renewal Community assets, Renewal Community wage credit, increased section 179 expensing, and commercial revitalization deduction. These tax provisions, while providing substantial savings, have numerous complications.

Come and learn how business owners, investors and developers can claim these substantial Renewal Community tax savings. For more information on the workshops, call the hosting BID at: the Diamond BID at (619) 537-0710; and the Little Italy Association at (619) 233-3898.

The Economic Development Division of the City's Community and Economic Development Department oversees the implementation of San Diego's federal Renewal Community designation. For further information on the Renewal Community 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.