To amend the Internal Revenue Code of 1986 to authorize new empowerment zone designations for urban areas with high unemployment and high foreclosure rates, and for other purposes.
Revitalize Our Cities Act
This bill amends the Internal Revenue Code to extend through 2019 the period for designating an empowerment zone (an area in which tax incentives are allowed to increase investment and employment).
The Department of Housing and Urban Development may designate, prior to January 1, 2018, 20 additional empowerment zones in urban areas in which the average unemployment rate and the average rate of residential and commercial foreclosures are each higher than that of the state within which the area is located for the period beginning January 1, 2012, and ending with the date of enactment of this bill.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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