Tax training class offered for Empowerment Zone incentives

(February 11, 2008) - A free tax training class focusing on Oklahoma City’s Empowerment Zone incentives will be held from 6 to 7:30 p.m. on February 28 in room 123 of the Economic Development Center at Metro Tech’s Springlake Campus, 1700 Springlake Drive.

The class is open to the public, but will particularly benefit accountants, business managers, owners of businesses located in the Empowerment Zone and owners of businesses that employ residents living in the Empowerment Zone.

Presentations will be given by IRS senior stakeholder liaison Barbara Prichard, Cole & Reed CPAs David Greenwell and Oklahoma City’s Empowerment Zone administrator Paul Newmark.

“Thousands in tax dollar savings are available to businesses and we want to do everything we can to make sure they take advantage of that opportunity,” said Newmark.

The Empowerment Zone is an economic development initiative created by the U.S. Department of Housing and Urban Development (HUD) toassist economically distressed, high-poverty neighborhoods.

Businesses can claim up to a $3,000 per year tax credit for wages they have paid to each Zone resident that lives and works in the Zone.  In addition, businesses may also be able to claim a tax credit of up to $2,400 per person for hiring residents age 18 to 39 living in Oklahoma City’s Empowerment Zone.

Oklahoma City’s Empowerment Zone encompasses a 20-square mile area, extending from NW 63 south to SW 29 and from Portland to Bryant Avenue.  A map detailing the Empowerment Zone can be found at www.empowerokc.com.  For additional help with Empowerment Zone questions, call 297-3838.