Community Renewal Tax Relief Act of 2000

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Community Renewal Tax Relief Act of 2000

Full title
To amend the Internal Revenue Code of 1986 to provide for community revitalization and a 2-year extension of medical saving accounts, and for other purposes.

Introduced in
106th United States Congress

Introduced on
December 14, 2000

Sponsored by
Rep. William Reynolds Archer, Jr. (R-TX)

Number of Co-Sponsors
1

Citations

Public Law
Incorporated into Pub.L. 106–554

Legislative history

Introduced in the House as H.R. 5662 by Rep. William Reynolds Archer, Jr. (R-TX) on December 14, 2000
Committee consideration by: United States House Committee on Ways and Means

The Community Renewal Tax Relief Act of 2000 (H.R. 5662) is a bill that was introduced into the United States House of Representatives during the 106th United States Congress. The Act was eventually passed as part of the Consolidated Appropriations Act, 2001.[1]
The Community Renewal Tax Relief Act of 2000 is intended to improve development in economically distressed areas of the United States. The law offers “tax incentives for businesses to locate and hire residents in urban and rural areas that have not experienced recent economic expansion.”[2] Both rural and urban areas are eligible. Three primary means were used: renewal communities, empowerment zones, and community development entities.[2] The bill also created the New Markets Tax Credit Program, which has been renewed several times and is still in effect.[3]

Contents

1 Provisions of the bill
2 Congressional Research Service summary
3 Procedural history
4 History
5 See also
6 Notes/References
7 External links

Provisions of the bill[edit]
One provision of the Community Renewal Tax Relief Act of 2000 was the creation of 40 “renewal communities”.[2] Renewal communities would receive special tax breaks designed to encourage economic growth by generating business investment and job opportunities. Requirements to being designated a renewal community included having a high rate of poverty and high unemployment rate (compared to rates nationwide).[2] The communities must have under 200,000 people in them, but can be any physical size.[2] Local and state governments must be involved with a community gaining this designation. They are required to participate by making their own commitments to taking action to reduce economic burdens on employers and businesses in the area, as well as taking steps to encourage economic growth.[2] If a community is successful in becoming