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Empowerment Zone Credit
You can claim a credit against your income tax liability if you are an employer who has a business in an empowerment zone. The credit is based on the number of qualifying new employees and is equal to $500 for each qualifying employee in the 1st year of employment, $1,000 for each qualifying employee in the 2nd year of employment, and $1,500 for each qualifying employee in the 3rd year of employment. Your credit can be carried back three years and carried forward seven years. The entire amount of your credit that is not used in the year that you earned it has to be carried first to the earliest tax year that the credit can be applied and then to each succeeding tax year.
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