To qualify, property must be placed into use during the year in which it was purchased.
The standard IRS Section 179 Deduction is $1 milliopn. This limit is $1,035,000 for qualified purchases of equipment by businesses located within Empowerment Zones. This limit is reduced for property and equipment over $2,500,000 in value.
Empowerment Zones (EZs) were created by the Department of Housing and Urban Development (HUD) to encourage business growth in targeted communities. New York City has two Empowerment Zones, one located in Upper Manhattan and one in the South Bronx.
You cannot claim this credit if you have claimed state tax credits for your equipment.
For more information, contact:
Upper Manhattan Empowerment Zone Development Corporation
55 West 125th Street, 11th Floor
New York, NY 10027
Phone: (212) 410-0030
Fax: (212) 410-9083
Bronx Overall Economic Development Corporation
851 Grand Concourse
Bronx, NY 10451
Phone: (718) 590-6252
Fax: (718) 590-3499