The Urban Development Zone (UDZ) tax incentive’s availability has been extended from until March 2014 to March 2020. Introduced in 2003, under section 13quat of the Income Tax Act of 1962, the UDZ came about as a means to promote urban renewal in determined areas. To qualify for the reductions in taxable income, which only applies after the tax payer has claimed, the taxpayer should have private ownership of a residential building which is erected, has been extended, or has been added to improved recently. For more details on the incentive, click here.
