Tax incentives that will be available if Youngstown receives a renewal community designation from

Tax incentives that will be available if Youngstown receives a renewal community designation from the federal government:
Employment tax credit -- A business can get a tax credit of up to $1,500 for wages paid to workers or new hires who live in the zone.
Small-business deductions -- Small businesses can deduct $35,000 for their equipment investments in one year, instead of over several years, and reduce their federal tax.Commercial real estate accelerated depreciation -- Developers and property owners who build or renovate commercial buildings can deduct their development costs, except land, over 10 years instead of 39 years. Faster depreciation costs lets a project be more profitable.
Zero capital gains tax -- Investors or businesses that hold assets for five years and then make a profit on stock, an interest in a company or on property, will pay no tax on the profit.
Special bond financing for schools -- Local and state government can issue zero-interest bonds to finance public school programs that are linked to private business partnerships. Private business must be contributing at least 10 percent of the bond amount to the school program.
Source: City of Youngstown