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An empowerment zone is a community eligible for tax incentives and grants from the US federal government under the Empowerment Zones and Enterprise Communities Act of 1993. The program aims to revitalize economically distressed urban and rural areas that have experienced poverty and/or high emigration.
Three primary means were used: renewal communities, empowerment zones, and community development entities. [2] The bill also created the New Markets Tax Credit Program, which has been renewed several times and is still in effect. [3] One provision of the Community Renewal Tax Relief Act of 2000 was the creation of 40 "renewal communities". [2]
At that time, the New Markets Tax Credit was scheduled to be a seven-year program. [3] It was then reauthorized in subsequent years. Empowerment zone designations were set to expire at the end of 2011, but were extended until December 31, 2013 after President Barack Obama signed into law the American Taxpayer Relief Act of 2012. [5]
HUBZone is a program by the US Small Business Administration that certifies small businesses that operate and employ people in economically disadvantaged areas. The program aims to increase federal contracting opportunities for HUBZone firms, but faces challenges and limitations.
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Learn about the federal financial program that provides tax credits to investors for equity investments in low-income communities in the US. Find out the history, operation, allocation rounds, and status of the program in the Internal Revenue Code.
Opportunity zone is a designation and investment program created by the 2017 Tax Cuts and Jobs Act, allowing for certain investments in lower income areas to have tax advantages. Learn about the history, requirements, tax benefits, and criticisms of this policy, as well as the list of 8,764 Opportunity Zones in the U.S.
Google images from 387 Genesee St. in Rochester provide a glimpse of change in the neighborhood. Teen Empowerment plans to build a $4.3 million youth center on the site where abandoned, burnt out ...