Space
available
BUSINESSES
and individuals CAN LOWER THEIR TAX LIABILITIES
The Rockaway Empire State Zone Administration Board has
designated Rockaway Development and Revitalization Corporation’s (RDRC)
development of a five-story office building in Downtown Far Rockaway a Community
Development Project. This
project involves the complete restoration of 21-17 Mott Avenue thus
providing additional valuable commercial space in Far Rockaway. The designation as a Community Development Project means that the
project can leverage funds through private donations. Contributors who want to
lower their tax liabilities can donate funds to RDRC specifically for the
project and receive tax credits. These tax credits are made available through
the New York State Empire Zone Capital Credit Program.
For-profit corporations and
individuals can contribute money to RDRC, a 501(c)(3) organization, for the
development of this project and can deduct one hundred percent of the charitable
contribution from their taxable income on their state and federal tax returns.
In addition to the standard charitable contribution deduction, the Zone Capital
Credit Program will give contributors a credit of 25% of the contributed amount.
With this credit, corporations and individuals can deduct an additional 25%
off their taxable income on their state returns.
Example
A charitable contribution of
$20,000 allows the contributor to deduct that amount from their federal and
state tax liabilities plus an additional $5,000 (25% of the amount contributed)
from their taxable income on their state returns. The donor will receive a Z7
form fill it out return it to RDRC, the form is forwarded to Empire State
Development where it is processed and sent to the New York State Development of
Tax and Finance. The Department of Tax and Finance will apply the credit to the
donor’s state taxes for refund or reduction.
This is an excellent
opportunity for corporations and individuals to lower their tax liability while
contributing to a project that will help to revitalize the Far Rockaway
Commercial District and create jobs. For more information please contact the
Rockaway Empire Zone Coordinator, Janet Henriquez at (718) 327-5300.
