A New Approach To Economic Development Help For Entrepreneurs

Nearly every community talks about attracting more entrepreneurs. But aside from programs like SCORE, which assists entrepreneurs with business plans, and some efforts at growing venture-capital funds, most communities scratch their heads over how to

1 minute read

December 26, 2007, 7:00 AM PST

By Chris Steins @planetizen

An innovative nonprofit, SeedAmerica, encourages industrial companies to donate buildings that can then be used to house small businesses at lower-than-market rents. (The key is a tax credit for the donating company.)

"SeedAmerica uses what's called the 561 Exchange or the RIM (replacement, market, income) Exchange. Those terms refer to IRS Publication 561, which spells out appraisal rules for donated property. The big advantage for the donor is a tax break that can be greater than what the property would sell for, and can be spread out over five years. Completing the 561 Exchange takes a few months. Trying to sell used industrial property can take years."

Thanks to Otis White

FULL STORY: Nonprofit turns donated properties into space for small businesses

Thursday, December 20, 2007 in The Atlanta Journal-Constitution

Community / Economic Development United States

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