Federal Tax

Tax Incentives for Economically Distressed Areas (Portfolio 597)

  • This Portfolio brings together in one place analysis of the many income tax provisions designed to encourage business activity and investment in economically distressed areas.

Description

Tax Portfolio, Tax Incentives for Economically Distressed Areas, No. 597, brings together in one place analyses of the many income tax provisions designed to encourage business activity and investment in economically distressed areas. The portfolio separates the analyses into four categories. The Portfolio also presents a history of the provisions as they have been added, expanded, and modified.

First, the Portfolio discusses the different types of qualified distressed areas. This permits the practitioner to compare and contrast the regions Congress has selected for tax-targeted assistance.
Second, the Portfolio discusses the various types of qualified assets. This permits the practitioner not only to compare and contrast the different kinds of properties that Congress intends to encourage but also to explore the complex relationships between asset types and the different qualified distressed areas.

Third, the Portfolio analyzes the specific tax benefits available to taxpayers who comply with the requirements for conducting business or making investments in economically distressed areas. These benefits include gross income exclusions, nonrecognition, deductions, and credits. The benefits are established not only in provisions specially designed for the particular tax-favored activity or investment but also in expansions and modifications of definitions and requirements in place for tax benefits available to taxpayers generally.

Fourth, the Portfolio describes the many tax detriments that affect taxpayers who take advantage of one or more of the tax incentives for economically distressed areas. These detriments consist of basis reductions, deduction reductions, tax attribute reductions, and income recaptures.

Table of Contents

I. Introduction
II. Qualified Economically Distressed Areas
III. Economically Distressed Area Assets
IV. Tax Benefits for Qualified Economically Distressed Areas and Assets
V. Tax Benefits for Disaster Areas
VI. Tax Detriments

maule-james-2015
James Maule
Professor of Law, Emeritus
Villanova University School of Law
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