Sejong-si Launches 'Good Rent' Encouragement Campaign... Half of Rent Reduction Tax Deductible

[Asia Economy (Sejong) Reporter Jeong Il-woong] Sejong City is launching a ‘Good Rent Campaign (Rent Reduction Movement)’ targeting local landlords. The purpose is to share the pain of local self-employed business owners due to the spread of the novel coronavirus infection (COVID-19).

The city announced on the 26th that it held an expanded meeting of the Commercial Area Revitalization and Emergency Livelihood Economy Task Force (TF) at City Hall.

The meeting was attended by members of the Commercial Area Revitalization TF, including the Administrative City Construction Agency, Korea Land and Housing Corporation (LH), Small Business Association, and Small Business Support Center, as well as members of the COVID-19 Emergency Livelihood Economy TF. The session was held to discuss existing commercial area revitalization measures and policy directions in the livelihood economy sector to minimize COVID-19 damage.

At the meeting, Cho Sang-ho, the city’s Deputy Mayor for Political Affairs, requested that each TF review and implement all possible policies from the perspective of citizens and small business owners to minimize COVID-19 damage.

In particular, the city decided to carry out the ‘Good Rent Campaign’ to revive the local economy, which has been depressed due to the impact of COVID-19, and to help local self-employed business owners facing difficulties.

Additionally, landlords who participate in the Good Rent Movement will be supported with a tax credit benefit of 50% of the rent reduction amount for the first half of the year, applicable to landlord income and corporate taxes.

Furthermore, to revitalize the stagnant commercial areas, the city plans to actively review the possibility of utilizing and improving vacant commercial buildings, including supporting the change of use of buildings that have practically lost their commercial function into small residential facilities such as urban-type residential housing, officetels, and guesthouses.

Deputy Mayor Cho said, “We hope for active participation in the ‘Good Rent Campaign’ to revitalize the local economy, which has been depressed by COVID-19. The city will also prepare and implement measures from the perspective of citizens and merchants regarding various proposals for commercial area revitalization.”

This content was produced with the assistance of AI translation services.