Memorial Day 2000 - Big News about Distressed Communities Legislation!
SPECIAL ALERT from Taxman86
Last week, after months of negotiations, the Distressed Communities Legislation was agreed to and will be introduced next week in the House Ways and Means Committee.
The summary details are now included in the Tax Alerts. One major provision will expand IRC Sections 1045 and 1202 to include an Enterprise Zone Business, which may include publically traded companies that qualify.
Taxman86 can't help but ponder a range of provocative questions...
The interplay between IRC Sections 1044, 1045, 1202 and 1400 will have the most significant impact to Distressed Communities, especially in the 126 Empowerment Zones/Enterprise Communities in that these changes are EFFECTIVE IN MOST CASES when the President signs the bill, which is projected to be on or before July 15, 2000.
Jim Schneider, LL.M.
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