Oklahoma City Empowerment Zone
The Oklahoma City Empowerment Zone describes service areas for federal programs designed to encourage economic development in economically depressed areas. Primarily implemented through the IRS Code, the designation period of Empowerment Zones is from January 1, 2002 through December 31, 2009. There are significant benefits for companies whose employees both live and work in an Empowerment Zone. View Office Buildings and Apartments by Neighborhood in the Oklahoma City Empowerment Zone. Also view various Apartment and Condo projects in the Downtown Area.
- An Empowerment Zone Resident is one who lives in the Empowerment Zone or Empowerment Zone Developable Area for a period of more than six months.
- An Empowerment Zone Company is a company whose primary business is located in an Empowerment Zone or Empowerment Zone Developable Area and has at least 35% of their employees are Empowerment Zone Residents
By living and working in the Oklahoma City Empowerment Zone (EZ), you business can take advantage of significant tax benefits that include:
- Wage Tax Credit – up to $3,000 per employee that both lives and works in the EZ
- Accelerated Depreciation – for selected EZ assets as well as an additional $35,000 in Section 179 Personal Property Deduction
- Capital Gains
- Rollover of capital gains on sale of EZ assets
- 60% Exclusion of capital gains on sale of EZ company’s corporate stock
- Tax Exempt Bond Financing
- First Time Home Buyer Assistance -- Up to $3,500 assistance for Down Payment and Closing Costs for qualified first time home buyers, subject to fund availability through HUD and other programs
The Empowerment Zone is part of the Federal Government's Community Renewal Initiative.
For more information call me at 405-775-9052 contact me by e-mail at bart@BartBinning.com. Be sure to also contact your tax and/or legal advisors.
Additional help may also be obtained by the following public agencies:
other
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