Another $12M in Tax Deductions Available

TACOMA, WA-Like clockwork, another $12 million in federal tax advantages is up for grabs as part of this city’s Commercial Revitalization Deduction allocation from the federal Department of Housing and Urban Development .

The allocation has been occurring since 2002, when the city was named one of 28 national urban Renewal Communities and the only one in the Puget Sound region. The program is slated to last through 2009. The maximum allocation per project is $10 million.

To qualify, projects must be new construction or a substantial rehabilitation of an existing structure and must create space for new jobs. The project also must be located within the city’s Renewal Community Zone–an area that covers most of the city’s Downtown core, the Port area, Upper Tacoma and a portion of the city’s East side.