H.R.3584 Amends the Internal Revenue Code of 1986 to Extend Critical Empowerment Zone Tax Incentives and Bonds to Support Local Businesses and Distressed Urban and Rural Communities.
Long Island, NY - August 4, 2017 - Today, Rep. Adriano Espaillat (D-NY) announces his legislation to extend Empowerment Zones throughout New York’s 13th congressional district. Initially established in 1994, Empowerment Zones were designated across the country to revitalize distressed communities by using public funds and tax incentives to increase private investment in communities and local business.
“Empowerment Zones have created thousands of jobs in construction, and have encouraged and supported local businesses in the hiring of individuals who live and work in our community, helping to spur local growth and economic development,” said Rep. Espaillat. “My legislation will continue to support the revitalization of distressed areas by retroactively applying and extending the Empowerment Zone tax incentives and bond opportunities that expired in 2016. These tax incentives are crucial to our efforts to encourage businesses to open, expand, and hire local residents, and by doing so, we are investing in our community, creating opportunities, and securing a strong future for our economy and development.”
Click here to read H.R.3584 in its entirety.