Buttonhole Breakfast to outline Tax Incentives

Published 12:00 am Friday, February 24, 2006

The Selma Times-Journal

Business owners: There are federal tax incentives for owning businesses in this Renewal Community.

Bea Forniss, of the Alabama Department of Economic and Community Affairs, will speak in detail about the Renewal Community Program at the Chamber of Commerce’s Buttonhole Breakfast on Thursday, March 2.

Her mission: to have these incentives and benefits claimed by area employers, businesses, and investors. American Apparel Company, Cooper Brothers Construction Company, Henry Brick Company and the People’s Bank & Trust Company – companies who have each utilized this program to their benefit – are the sponsors for March’s Buttonhole Breakfast.

These monthly breakfasts are Chamber tradition and feature speakers of benefit to businesses.

Forniss will speak on Renewal Community Tax Incentives for Selma employers, businesses and investors who locate in, are located in, or acquire commercial assets in a renewal community.

These incentives include wage credits for employing people in a Renewal Community, community revitalization deductions for construction renovation in the area, increased equipment deductions, and capital gains tax exclusions.

“I want retail business in this area to take advantage of this opportunity,” Claire Twardy, Executive Director of the Selma & Dallas County Chamber of Commerce, said.

“The Renewal Community is drawn up along census lines and includes downtown areas, most of Highland Avenue, down 80 to Craig.

There are areas where one side of the street is in the Renewal area and the other isn’t,” Twardy detailed.

“Bea Forniss will stay and have a question and answer session and speak with business owners about nine o’clock,” Twardy said.

“If people have specific needs, she’s going to stay to help people understand how these incentives apply to their business.”

The event begins at the Carl C. Morgan Convention Center at 7:30 a.m. on March 2.

Tickets to the event are $8 and may be purchased from the Chamber office at 912 Selma Avenue, or by calling 875-7241.

Detailed information and assistance on these incentives can be had from the Alabama Department of Economic and Community Affairs Technical Assistance Section in Montgomery – (334) 242-5370.

Their mailing address: 401 Adams Avenue, Montgomery, AL. 36130-5690.