APPLICATIONS FOR 2009 MUST BE RECEIVED BY 5:00 PM ON DECEMBER 4, 2009
The Commercial Revitalization Deduction is a federal incentive available in Renewal Communities for commercial buildings placed in service after December 31, 2001 and before January 1, 2010. The State may allocate up to $12 million in deductions (not more than $10 million per project) for each year 2002-2009 for each RC in the State.
If awarded an allocation, the taxpaying entity may take a deduction of either one-half of qualified revitalization expenditures (QREs) in the first year a building is placed in service or all of QREs on ratable basis over 10 years.
Applications are now being accepted for the 2009 Commercial Revitalization Deduction. Any new or substantially-rehabilitated commercial building placed in service within the Memphis Renewal Community in calendar year 2009 may apply for an allocation using the CRD Application. Applications will be accepted through December 4, 2009. Applications will also be accepted for buildings that will be placed in service in 2009.
For more details, contact Virginia Wilson at 901-636-6457 or Virginia.Wilson@memphistn.gov. Consult the Memphis Qualified Allocation Plan, your tax professional, the Frequently Asked Questions, or IRS Publication 946 and IRS Publication 954.
Memphis Renewal Community Application for Commercial Revitalization Deduction (pdf)