Eligible businesses can still claim Empowerment Zone tax benefits through the end of this year. Empowerment Zones are certain urban and rural areas where employers and other taxpayers qualify for special tax benefits.
The Department of Housing and Urban Development and the Department of Agriculture designated 40 economically distressed locations as empowerment zones. Find a list of them in the instructions to IRS Form 8844.
Key Empowerment Zone tax benefits include:
Find more information about empowerment zones on HUD’s website at https://www.hudexchange.info/programs/community-renewal-initiative.