Portions of the cities of Lawrence and Lowell have been designated as Renewal Communities under the Internal Revenue Code. As a result of this special tax designation, qualifying businesses that are located and operate in the Renewal Community district are eligible to be a Renewal Community Business and can qualify for the following benefits and incentives under the federal tax code.

Employment Credit of up to $1,500 a year for each employee who lives
and works in the Renewal Community District

Increased Section 197 Deduction of up to an additional $35,000 for capital expenditure on equipment.

Commercial Revitalization Deduction related to the cost of a new building or rehabilitating and existing building
(Either 50% of such costs in one tax year or 100% pro-rated over 10 years.

0% Capital Gains for Renewal Community business assets bought after
Dec. 31, 2001 and held for more than 5 years.

For more information, visit these links:

Community Renewal Initiative

Click here for PDF

Or contact:
Economic Development Officer Maria S. Dickinson, City of Lowell:
Email
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Sharon DuBois, Community Development Department, City of Lawrence
978-620-3527
Email
Click here to visit web site