When 8850 Form Renewal
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When 8850 Form Renewal 2016-2019

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Good afternoon and welcome to the webcast I'm Linda's cockle a partner ballard spahr LLP I'll be the moderator and presenter of this webcast in which the viewers will learn about the tax incentives that are available to businesses and empowerment zones from a panel of IRS and hub HUD experts including employment credits work opportunity tax credits section 179 deductions facility bonds and qualified zone Academy bonds and now I would like to introduce Pamela glekas spring who is the director of HUD's Community Renewal office who will give us a brief message good afternoon my name is Pamela glekas spring and I serve as the director of the HUDs Office of Community Renewal which administers the urban empowerment zones welcome to the hood IRS webcast on the 2013 package of tax incentives the 2012 american taxpayer relief act extended the designations of 30 urban and 10 rural empowerment zones to december 31st 2013 this extension provides a renewed opportunity for all 40 Easy's to let their local business communities be aware of the economic advantages associated with each of the six categories of tax incentives in this webcast subject subject matter experts distinguished in their knowledge and application of IRS codes will spotlight each incentive our speakers will provide you with an understanding of the tax incentive subject matter that relate to the business tax incentive extensions as authorized by the 2012 american taxpayer relief act in addition to providing you with information on the six tax incentives available to urban and rural easy's this webcast will also cover a discussion on the tax incentive utilization plans in this discussion data provided by the IRS research team will be used to show a decade-long record of businesses utilization of the employment credits also the webcast will provide a discussion on how an easy spur formance in carrying out their outreach plan to use these incentives will be managed and attract through perms before we turn to the topics of today's agenda I want to first speak for a moment directly to the zones to acknowledge how effective you have been in delivering the important message on the tax incentives to your local businesses and to thank you for all that you've done in previous years beginning as early as 2002 easies have conducted forums that included workshops media events emails and partnering with public and private entities in order to promote the 2013 package of incentives to your zone businesses I assume you may call upon similar types of activities to promote the utilization of available incentives upon request the HUD IRS partnership will provide you with a list of IRS stakeholder liaisons that may be available to participate in your zone business workshops locally to respond to tax incentive questions I sincerely hope that your strong advocacy of the tax incentives will continue we need your skills of persuasion to convince zone businesses to take advantage of the extended tax incentives IRS data and a series of case studies have shown that over the years through your outreach to your business communities this has resulted in a surge of economic prosperity not only for zone businesses but for the residents of the easy designated areas congratulations on your many successes positive cash flow expanded inventories purchases of new and updated equipment and anecdotal evidence of jobs created for a number of zone businesses are all directly linked to your unwavering commitment and sterling efforts to express our appreciation for your advocacy we want to create a friendly competition among the 13 ez's HUD will select from this pool of 33 cities that have the most outstanding easy performance in promoting the taxes sent us HUD will officially recognized each of these three cities by presenting an award to the mayor or your local city official the selection will be based on the achievement of the outreach goals as denoted in the tax incentive utilization plan and as measured by easy businesses use of six of the six available tax incentives the honorary awards will be made after the designations and on December 31st 2013 at that time the Office of Community Renewal will notify the winning zones by letter in closing let the record continue to show that you and your public and private partners have made a tangible and positive difference in your communities again thank you for your commendable past and hopefully future efforts for your advocacy of the tax incentives for the empowerment zone program Thank You director glekas spring and now I'd like to take you through an overview of the topics we'll cover in this webcast we'll start with the easy designation extension will talk about the easy RC locator employment credits work opportunity tax credit or wat c section 179 deductions capital gains tax reductions easy facility bonds qualified zone a common academy bonds and tax incentive utilization plans and now I'd like to turn it over to Kathy read from the IRS to talk about the easy designation extension Kathy Thank You Linda I'm Cathy Reed the chief of branch 7 in the office of associate chief counsel of income tax and accounting our office handles some of the tax incentives for empowerment zones today I want to talk about the designation of empowerment zones Internal Revenue Code section 13 91 d 1 provides when the empowerment zone designation ends as amended by the american taxpayer relief act of 2012 section 1391 d 1 provides that the designation from men's owns ends on the earliest of December 31st 2013 or the termination day provided by the state or local government in its nomination or the date on which HUD or USDA revokes the designation many of the state and local governments in their nominations provided that the empowerment zone designation would remain in effect for ten years that ten-year period ended before december 31st 2013 in such a case the american taxpayer relief act a 2012 gave authority to

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