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H.R. 2578, The Empowerment Zone and Renewal Community Enhancement Act of 2007 (1 comment ↓)
H.R. 2578 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.
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Richard P.Bourne-Vanneck, Esq.
H.R. 2578 is a excellant proposal to extend and improve a program that is greatly needed, particularly in the U.S. Virgin Islands and the other territories. Those areas are in great need of economic development initiatives that would launch new industries and spur employment opportunities among the economically disadvantaged sectors in the labor pool. Worthy economic development initiatives face extreme difficulties in raising necessary capital - particularly under current conditions. No areas in the U.S. Virgin Islands or Puerto Rico have secured designations and this extension would allow those depressed communities and rural areas to benefit from the EZ/EC tax incentive program.