Oct 24

Written by:
10/24/2007 3:30 PM 

Central Louisiana Chamber of Commerce, October 24, 2007 -- The Central Louisiana Chamber of Commerce is reminding businesses in the Central Louisiana Renewal Community area to apply for the $12 million in federal Renewal Community Commercial Revitalization Deductions (CRD) Tax Incentive.  The CRD is an accelerated federal tax depreciation incentive available to businesses that substantially renovate or construct buildings within a designated Renewal Community.  To see if a newly or under construction building qualified and to retrieve an application, please visit http://www.renewalla.com/.  There is an address locator which will verify your qualification.

The depreciation incentive allows businesses to accelerate the depreciation of that property over a shorter period of time than allowed under standard depreciation laws.  Many businesses have received awards ranging from $50,000 to several million dollars in accelerated tax deductions under the Renewal Community program.

Elton Pody, President of the Central Louisiana Chamber of Commerce, highly encourages all businesses in the Renewal Community who are eligible to take advantage of this opportunity to send in their applications as soon as possible.  The depreciation incentives will be awarded to businesses based on a number of criteria, including the projcected number of jobs to be created as a result of the new construction or renovation from January 2007 - December 2009.

The state is now accepting applications for the federal Renewal Community CRD, with a deadline of October 31, 2007.  The applications for all Renewal Community designations are processed through the Northeast Louisiana Economic Alliance, 903 Louisiana Ave, Ferriday LA  71334.  For more information regarding what incentives your business could qualify for, please contact Michelle Boothe, VP of Northeast Louisiana Economic Alliance at 318-757-3033 ext 16.