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GREATER JAMESTOWN ZONE CAPITAL CORPORATION
RURAL RENEWAL COMMUNITY

A Coordinating Responsible Authority (CORA) for the federal Community Renewal Tax Relief Act (CRTRA) under the U.S. Department of Housing and Urban Development, CORA provides tax incentives to businesses undertaking construction and rehabilitation projects within designated distressed areas, including wage credits, bond financing, capital gains exclusions and tax deductions known as Commercial Revitalization Deductions (CRDs). Under the CRD program, businesses that construct or rehabilitate a commercial property in a Renewal Community (RC) may deduct certain acquisition and rehabilitation expenses. Renewal Community tax incentives include employment credits, a zero percent tax on capital gains, increased tax deductions on equipment and accelerated real property depreciation, among others.

Additional resources:

URL: http://www.jamestownny.net/index.php/department-of-development/jamestown-urban-renewal-agency

Municipal Building
200 E. 3rd St.
Jamestown, NY 14701

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ph: 716-483-7654
fax: 716-483-7772

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