The Senate has spoken on Distressed Communities.
1. Leaders of the Renewal Communities offer their bill.
Senators Lieberman of Conn. and Santorium of Penn. and five others entered their version of the President's and Speaker Hastert proposed compromise, which is good news for Las Vegas and bad for San Diego. There will be fifty  Renewal Communities, with one for each state. That is interesting since that means the big guys, to wit, Los Angeles, New York, Chicago, etc. will get one. But what about San Diego, Buffalo, etc.
The IRC Sections 1202 and 1045 provisions for Empowerment Zones will be added but not for Enterprise Communities, not for Renewal Communities [they get ZERO CAPITAL GAINS] Will Enterprise Communities get the same treatment, now that EACH STATE gets one Renewal Community, if you are in San Diego, Buffalo, or Tacoma Washington, you better be working on it.
Jim Schneider, LL.M.
The Taxman86 Speaks... is copyright 1998-2010 by James E. Schneider, LL.M. Inc.