What is Federal Renewal Community (RC)?
The Renewal Community is a federal designation for low to moderate income areas including Los Angeles, San Diego, and San Francisco, designed to encourage businesses and developers to invest in these areas to stimulate economic development and job creation.

What types of businesses are eligible for the RC Employment Credit?
The Renewal Community Employment Credit allows businesses operating in RC boundaries to claim a credit against Federal taxes up to 10% of the annual wages paid to each qualified employee or new hire, up to a maximum of $1,500 per employee per year.

Employee Eligibility
To be eligible, employees (part-time or full-time) must reside and work within the Renewal Community boundaries where your business is located.

Timeline (expires in 2009)Act Now!
Since the Renewal Community Employment Credit is set to expire at the end of 2009, you still have time to take advantage of the annual federal wage credit up to $1,500 per each qualified employee per year.  Enterprise Tax Services, LLC can help you retroactively amend up to three previous tax years to make claims for each qualified employee hired during that time.  Any unused credits can be carried forward for up to 20 years which can significantly improve your bottom line each year.   Please call one of our tax consultants to help you take advantage of this opportunity before the RC designation expires.