www.treasurer.ca.gov/ctcac/crdp/crdp.asp
In 2002, California Tax Credit Allocation Committe(CTCAC) received authorization from Congress to administer the Commercial Revitalization Deduction Program.
This program is designed to stimulate job growth and economic development in designated Renewal Communities, of which there are five in California. These areas include portions of San Francisco, Los Angeles, San Diego, and the rural communities of Parlier and Orange Cove.
California Tax Credit Allocation Committee(CTCAC) can allocate up to $12 million in federal tax deductions to qualifying businesses in each of the Renewal Communities.
These deductions are available to businesses that acquire and renovate property, rehabilitate existing structures, or build property for commercial use. Businesses can deduct half the qualified expenditures over a ten year period.
