As part of a larger effort to ensure that Alabama interests are included in stimulus legislation at the beginning of the 111th Congress, Congressman Artur Davis has identified the extension of current Renewal Community and Empowerment Zone provisions as a top priority and will hold a press conference with business leaders from the Greene-Sumter County Renewal Community in the Old House Chamber in the Alabama State Capitol at 9:00 a.m. Wednesday, December 17th to discuss the legislation.
Renewal Community and Empowerment Zone designations provide for financial incentives, including wage credits and capital gains breaks, for companies within economically distressed areas and have demonstrated an impact on job creation and retention. These provisions have proven to be successful development tools in both urban and rural areas, including two rural locations within Alabama’s 7th Congressional District.
In an area that suffers from a 12 percent unemployment rate, the Greene-Sumter County Renewal Community leveraged significant matching funds for the Greene County Commission to address infrastructure problems that had burdened local businesses, paving the way for job growth locally. In addition, the Southern Alabama Renewal Community incentives have been integral to successful efforts made to recruit automotive suppliers to the area.
With Renewal Community and Empowerment Zone tax incentives set to expire in 2009, Congressman Davis has committed to ensuring that these provisions are reauthorized and would like to see them as part of a stimulus package. Davis plans to reintroduce the Empowerment Zone and Renewal Community Enhancement Act, a bill he first introduced in 2007, to refine and extend these economic development provisions and is hopeful that the current emphasis on economic stimulus will provide a pathway for its passage.
Congressman Davis has written a letter to Ways and Means Committee Chairman Charlie Rangel and Ranking Member Dave Camp urging that Renewal Community and Empowerment Zone legislation be included in future stimulus efforts.
Email
Facebook
Google
Twitter
Favorites
More
Advertisement