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Renewal Community Tax Credits

Corpus Christi's Renewal Community (CCRD), managed by the city's Economic Development Office, provides special incentives to businesses including federal tax incentives, refunds on state sales and use tax and local tax abatement to promote economic development in Corpus Christi. Downtown Corpus Christi is within the target area for these tax credits. Publication 954 is available through the IRS website. This publication provides detailed information on the Renewal Community Tax Incentives and refers to forms necessary to claim these incentives. You can also contact City of Corpus Christi, for assistance in making applications.

Following is a list of incentives provided through this program:
Commercial Revitalization Deduction - Businesses can accelerate the depreciation of their qualified revitalization expenditures for a commercial building by receiving a Commercial Revitalization Deduction allocation up to $10 million. With an allocation, the business can deduct 50 percent of the total qualifying expenditures in the first year the buillding is placed in service or deduct the qualifying expenditures over 120 months (10 years) beginning with the month the building is placed in service. Building must be located in the CCRC.
Increased Section 179 - Qualifying Renewal Community Businesses can deduct $35,000 more than the standard allowable by the IRS on property such as machinery or equipment.
Zero Percent Capital Gains Rate - If you are looking for investors in your business, you may offer investors the opportunity to pay no tax on capital gains if they purchase your stock or partnership interests. This incentive is only available in a Renewal Community. If you are looking to reduce your capital gains tax, you will have a 0% capital gains rate if you purchase stock or partnerhip interests of entities doing business in a Renewal Community, provided you hold this property for at least five years.
Environmental Clean-up costs (Brownfield Tax Incentive) - Businesses can deduct qualified environmental clean up costs on property that is contaminated or perceived to be contaminated with hazardous substances.
New Markets Tax Credit - If you can benefit from a loan with more favorable terms for capital or working capital needs, visit the CDFI Fund site to find the investor groups that are making loans to or equity investments in qualified businesses in low-income communities across the nation. If you are looking to invest in commercial real estate, you can earn an immediate federal tax credit for investing in a partnership or corporation that has an allocation of the New Markets Tax Credit. An investor can earn credits over seven years equal to 39% of the amount invested. Visit the CDFI Fund site to find more information on these investments.
Low-Income Housing Tax Credit - Owners of newly constructed or renovated rental housing who set aside a certain number of units for low-income residents can receive a tax credit.
Renewal Community Wage Credit - Employers can take up to a $1,500 federal tax credit per employee per year who lives and works in the CCRC.
Welfare to Work - Employers can take up to a $8,500 federal tax credit per employee if they are members of a family who received Temporary Assistance to Needy Families (TANF).
Work Opportunity Tax Credit - Employers can take up to a $2,400 federal tax credit for each employee who is within qualified targeted groups.

Applying to Housing

Requirements: Building must derive 20% of its income from non-residential activity. Must apply with the city and be approved.

Benefits: Either 50% federal tax deduction of rehabilitation cost the first year, or 100% over 10 years. Does not include acquistion cost.

Source: http://www.hud.gov/offices/cpd/economicdevelopment/programs/rc/index.cfm
Requirements: Must be listed in the national registry or in a national registry historic area and rehabilitated to their standards (minimal or no exterior changes). Applies to housing.

Benefits: 20% tax credit for rehabilitation expenditures.

Source: http://www.thc.state.tx.us/historicprop/hpcredits.html


Requirements: Applies only to portions of the building or complex built before 1936. Applies to housing.

Benefits: 10% tax credit for rehabilitation expenditures (Not applicable if building is in Historic registry.).

Source: http://www2.cr.nps.gov/tps/tax/

Requirements: "To qualify as historically significant, a property must either be located within a historic district designated in the National Register of Historic Places and certified as a historically significant structure by the National Park Service, or be separately identified on the register. To take the tax deduction, the easement on the property must be donated to a charitable organization qualified by the IRS to accept such contributions." None currently exist covering Corpus Christi.
Benefits: "Since 1976, the Federal Historic Preservation Tax Incentive Program has allowed owners of historic properties to donate what is known as a façade conservation easement to a qualified charitable organization. The purpose of the conservation easement is to ensure that the architectural integrity of a historic property's exterior is maintained. The income tax deduction for this donation ranges between 10% and 15% of the fair market value of the property. This deduction can be spread over six years and, in the majority of cases, may be applied to the property owner's federal and state income tax returns." For more information: Building Facade Trust

The City of Corpus Christi grants tax abatements to basic manufacturing or service facilities, petro-chemical facilities, regional telecommunications/data processing centers, and regional visitor/amusement facilities. Other facilities may qualify.
Buildings, structures, fixed machinery and equipment and site improvements are also eligible for tax abatements. Project must add a minimum value to the property tax rolls to qualify. For more detailed information: Tax Abatement

'''Texas Enterprise Zone (TEZ) - Businesses designated as Enterprise Zone projects are eligible to receive up to a $1.25 million refund on state sales or use taxes paid for machinery or equipment, building materials, labor for the rehabilitation of existing buildings and electricity and natural gas purchased for use in the TEZ. The refund is based on each permanent job created or retained during the five-year designation period. Designated projects located in a TEZ must agree that at least 25 percent of the new employees will be TEZ residents or economically disadvantaged persons. If the business is located outside a TEZ, the requirement is 35 percent. TEZ's are census blocks that include 20 percent poverty, Federally Designated Renewal Communities or previously designated TEZ's.

The Business and Job Development Corporation aims to promote, encourage and enhance the creation of primary jobs which expand the City tax base and economy. This is achieved by granting business incentives which assist in the retention, expansion and recruitment of primary employers.

Possible Capital Investment or Facilities Incentives Include:

• Land, facilities, equipment & infrastructure
• Loan participation/guarantees
• Direct low interest loans
• Rent subsidies
• Relation and moving expenses grants
• Job training grants/loans

Small Business Incentive includes items listed above as well as:

• Small Business Start up grants/loans
• Business Incubators