Sohodojo Advisory Board Member
Jim Schneider
The Taxman86 Speaks...
13 April 2001
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THE TAXMAN86 GOES TO WASHINGTON, D.C. FOR ENTERPRISE COMMUNITIES.
The last five days have been one of the most interesting for the Taxman86 and his great staff of Candice Schneider and Phillip Gillet, MS, JD and our good friend Gene Gaines from Virginia.
We met with many, many people including the staffs of Congressman Bill Thomas, Chair House Ways and Means Committee, Senator Baucus, Ranking Member, Senate Finance Committee, a former senior staff member of the Joint Committee On Taxation [twenty-five years]; many key Senators and Representatives.
We linked up with key financial institutions and their senior governmental affairs staff, including the Union Bank of California, The Bank of America, and the senior staff of the Federal Reserve Board's Consumer and Community Affairs Department.
Finally we met with senior White House and HUD staff involved with Community Development, and we have been given a GREEN LIGHT for the following:
- Put together a one-page position paper for the "New Enterprise Zones," which will include all existing [31] Empowerment Zones and all the existing [95] Enterprise Communities.
- Simplify the existing tax incentives, effective January 1, 2001 for all New Enterprise Zones, including Zero Capital Gains, New Enterprise Zone Bonds, Wage Credits, Increased Expensing, Employer provided Enterprise Zone Housing [under IRC Section 119], and a technical corrections section to smooth off the rough edges of the last three legislative efforts.
- Coordinate the First Annual Community Renewal Tax Conference, to be held in Washington, D.C. in the fall with representatives from the White House, HUD, USDA, and SBA, Federal Reserve Board, Department of the Treasury [they draft legislation and write the regulations] and Joint Committee of Taxation, Major Financial Institutions, Law and Accounting Firms tax members, deal makers, etc.
It is the stated goal, by all parties, to get the various amendments and technical correction material for the New Enterprise Zones, effective January 1, 2001, added to the upcoming Senate Small Business Tax Cut/Minimum Wage Act, around the middle of May.
After over 14 years, and the last year and half, full time, the results appear to be coming to a successful conclusion.
Thanks to all who have kept the faith for creative tax planning for the distressed communities, and let the games begin.
Jim Schneider, LL.M.
Taxman86
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