SUPPORTING H.R. 1677 - THE EMPOWERMENT ZONE, RENEWAL COMMUNITY AND ENTERPRISE COMMUNITY ENHANCEMENT ACT OF 2009
WHEREAS, the Empowerment Zone, Renewal Community and Enterprise Community Enhancement Act (H.R. 1677) would amend the Internal Revenue Code of 1986, to extend and expand the benefits for businesses operating in Empowerment Zones, Enterprise or Renewal Communities; and
WHEREAS, H.R. 1677 will allow for the extension, until 2015, of key tax credits for businesses who create jobs in America's cities; and
WHEREAS, the tax credits created by H.R. 1677 will help to encourage economic growth in the urban areas that need it most ; and
WHEREAS, H.R. 1677 will grant the authority to expand the boundaries of certain empowerment zones and enterprise communities; and
WHEREAS, HR. 1677 will amend the exiting program to increase its effectiveness by allowing carryovers of unused expense allowances for enterprise zone businesses; allowing certain empowerment zone businesses to elect to receive payments in lieu of tax benefits; and allowing federal guarantees and tax exemptions for enterprise zones and renewal communities,
NOW, THEREFORE, BE IT RESOLVED, that the USCM calls upon the Congress to pass H.R. 1677, The Empowerment Zone, Renewal Community and Enterprise Community Enhancement Act of 2009. ?