H.R. 1677 would amend the Internal Revenue Code of 1986 to extend and expand the benefits for businesses operating in empowerment zones, enterprise communities, or renewal communities.
Detailed Summary
Empowerment Zone, Renewal Community and Enterprise Community Enhancement Act of 2009 - Amends Internal Revenue Code provisions relating to tax-preferred empowerment zones, rural enterprise communities, and renewal communities to: (1) extend the period of designation for such areas through 2015; (2) provide a safe harbor standard for employee residency requirements in empowerment zones; (3) eliminate certain residency requirements for the empowerment zone employment tax credit; (4) grant authority to expand the boundaries of empowerment zones and enterprise communities, including those located in rural areas; (5) allow carryovers of unused expensing allowances for enterprise zone businesses; (6) allow certain empowerment zone businesses to elect to receive payments in lieu of tax benefits; (7) allow federal guarantees and tax exemptions for enterprise zones and renewal communities; and (8) allow the issuance of tax-exempt rural enterprise community bonds and empowerment zone facility bonds.
Status of the Legislation
Latest Major Action: 3/24/2009: Referred to House committee. Status: Referred to the House Committee on Ways and Means.
Points in Favor
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Points Against
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Visitor Comments
Joe Alcala
July 15, 2009, 12:15pm (report abuse)The Empowerment Zones have provided the catalyst for economic development in rural areas and should be allowed to continue beyond 2009 and extended to 2015 to address the needs currently being felt by the working class during this reccession that is resulting in home forclosures and unemployment throughtout America. In rural areas this is more evident as small towns are closing businesses and head of families moving to urban areas in search of employment to sustain their families that are being left behind in small rural towns.