$12 Million in Tax Allocations Available to San Diego Businesses
City, Partners Offer Training Seminar to Help Businesses Tap into Incentives

SAN DIEGO - The City of San Diego, in partnership with the California Treasurer's Tax Allocation Committee (CTTAC) is presenting a free seminar detailing federal Renewal Community Revitalization Deduction Allocations for either new construction or substantial rehabilitation of commercial and/or mixed-use projects within the San Diego Renewal Community program area. Representatives will be available to answer attendees' questions regarding $12 million in annual allocations available from City of San Diego's Renewal Community with up to $10 million per project each year. The seminar will be held on:

Tuesday, November 23, 2004, 10 am - Noon, Malcolm X Library (Multi-Purpose Room), 5148 Market Street, San Diego

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 portions of Barrio Logan, Centre City, Lindbergh Field area, Southeastern San Diego, Encanto and Oak Park. 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, require an extensive application process. Representatives will be available to address the commercial revitalization deduction process at this seminar.

The City of San Diego's Community and Economic Development Department has oversight over the implementation of San Diego's federal Renewal Community designation. Interested parties are encouraged to RSVP for the event by close of business on Monday, November 22nd. To register for the seminar or for more information on the Renewal Community designation, contact Lydia Moreno, City of San Diego Special Incentives Manager, at 619-533-7512 or lmoreno@sandiego.gov. General information on the Renewal Community and other San Diego business incentives is available on the City's web site at www.sandiego.gov/cpci.

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