Thursday, January 11, 2007

Get Your Share of Tax Savings

The Washington State Department of Community, Trade and Economic Development has accepted recommendations from the City of Tacoma and the Tacoma Community Redevelopment Authority for $12 million in Commercial Revitalization Deductions (CRD) to be awarded to four commercial building projects in Tacoma:

  • 1201 'J' St. LLC for the “First Swedish Baptist Church” Building: $340,000
  • Dotcom Associates 1 LLC for the “Kress Payless” Building: $8,250,000
  • Sun-In Holdings LLC trans-load facility: $350,000
  • Atrium Court LLC on behalf of future commercial owners: $3,060,500

The benefits to these projects include a reduced federal tax bill and an increased ability to make their projects “pencil” by giving owners financial relief early in the projects when they incur the most expenses. The CRD allocation is one of several tools afforded downtown business and property owners through the U.S. Department of Housing and Urban Development (HUD) Renewal Community (RC) designation. Tacoma is the only place in Puget Sound--and one of only 29 urban communities around the country--to maintain the designation with a variety of federal tax credits and deductions through 2009.

The Atrium Court Office Condominiums still have five units available for purchase. Future owners can write off their share of the award amount off their income taxes--ranging from about $204,000 to almost $250,000 (depending on size of unit purchased)--as a deduction from their income. For more information, contact Don Arsenault at (253) 759-5000.

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