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Home > Toolkit > Strategies > Tax Credits and Incentives
Tax Credits and Incentives2024-09-24T10:32:40-04:00

Neighborhood small businesses may be eligible for tax credits and incentives to reduce their local, state, or federal tax obligations. They may also benefit from credits and incentives given to neighborhood property owners and developers or from programs funded by tax revenue.

Tools

Property Tax Abatements

Property tax reductions or exemptions offered to small businesses at the municipal or state level.

Tax Increment Financing (TIF)

Designated tax districts where future tax revenues are diverted to fund a range of neighborhood improvements.

Real Estate Transfer and Vacancy Taxes

A real estate transfer tax is a one-time tax or fee imposed by a state or local jurisdiction on the transfer of commercial property. A vacancy tax is a tax on property that has been vacant for an extended period.

New Markets Tax Credit (NMTC)

A federal tax credit that can support small businesses in low-income areas.

Strategies in Action

Additional Resources

Lincoln Land Institute Paper on TIFs

University of California at Los Angeles’s Real Estate Transfer Tax Reform

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