Federal Empowerment Zone Designation Extended

The Center City Development Office (CCDO) today announced that the City's Federal Empowerment Zone (EZ) designation has been extended through the end of 2011. The extension was included in the Middle Class Tax Relief Act (H.R. 4853), approved by Congress on December 15, 2010.

The EZ designation provides tax incentives for businesses within the Empowerment Zone that hire local residents, as well as, increased deductions for qualifying depreciable property. A tax credit of up to $3,000 can be claimed for every EZ resident hired.

In addition to tax incentives, the City has $60 million remaining in EZ Bonds, which provide below-market interest rates on financing for larger commercial and industrial projects constructed within the EZ.

The EZ includes low-moderate income census tracts mainly in San Antonio's central business district and the near East and West sides. The zone also includes Port San Antonio, Brooks City-Base and the Fredericksburg Road corridor.

For more information on the EZ designation, contact Bobbye Hamilton at (210) 207-8031.