Rep. McNerney Works To Get Tax Credits For Job Creators In His District
Washington, D.C. – Today Congresssman Jerry McNerney (CA-09) sent a letter to the Chairman and Ranking Member of the House Ways and Means Committee asking them to extend and expand federal empowerment zone tax credits for businesses that create jobs where they are most needed.
Rep. McNerney’s letter, also signed by Rep. Marcia Fudge (OH-11), requests that the Ways and Means committee include H.R. 3535, the Revitalize Our Cities Act, in any tax package before Congress. The bill would extend the federal empowerment zone designation for three years and expand the program to include the most economically challenged cities. The empowerment zone program seeks to lower unemployment and generate jobs through the federal tax incentives and grants to distressed communities.
“It is imperative that Congress extend the empowerment zone tax credit, which is a critical source for businesses willing to work with local governments and residents of distressed communities,” Congressman McNerney wrote. “With a fragile economic recovery still under way, now is not the time to cut off this critical source of financing.”
Federal empowerment zones are designated areas of high poverty and unemployment as determined by the Department of Housing and Urban Development. Businesses in empowerment zones are eligible for employment credits of up to $3,000 per year per resident employed, in addition to other incentives.
Attached to this release are the letter and a chart showing the tax incentives available in empowerment zones.