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Bill Summary

Page_white_text H2578: To amend the Internal Revenue Code of 1986 to extend and expand the benefits for businesses operating in empowerment zones, enterprise communities, or renewal communities, and for other purposes    [0 comments]
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.
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Additional Information
WorldH2578 at GovTrack BookH2578 at the Library of Congress
Sponsor

Photo Democrat
Alabama
http://www.house.gov/arturdavis

Co-Sponsors
Rep. Rodney Alexander [R, LA-5]
Rep. Richard Baker [R, LA-6]
Rep. Sanford Bishop [D, GA-2]
Rep. Jo Bonner [R, AL-1]
Rep. Mary Bono Mack [R, CA-45]
Rep. Dan Boren [D, OK-2]
Rep. Charles Boustany [R, LA-7]
Rep. Corrine Brown [D, FL-3]
Rep. David Camp [R, MI-4]
Rep. Shelley Capito [R, WV-2]
Rep. Russ Carnahan [D, MO-3]
Rep. André Carson [D, IN-7]
Rep. William Clay [D, MO-1]
Rep. Steve Cohen [D, TN-9]
Rep. Tom Cole [R, OK-4]

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