Desert Alliance for Community Empowerment is Presented with Prestigious Award for Community and Faith-based Social Entrepreneurship Efforts by EDA. U.S. Assistant Secretary of Commerce for Economic Development Sandy K. Baruah and U.S. Representative Mary Bono Mack on July 12, 2008 presented the 2008 U.S. Department of Commerce, Economic Development Administration (EDA) Excellence in Economic Development Award for Community and Faith-based Social Entrepreneurship to The Desert Alliance for Community Empowerment of Coachella, Calif. The award recognizes The Desert Alliance for Community Empowerment’s commitment to sound, research-based, market driven economic development in helping grow the local economy. Press release link
Webinar held on the Grant Extension Process on 7/1/08 for rural EZECs. The webinar included overview of the grant extension process and discussion on sustainability with over 35 people in attendance. To view the powerpoint used during the webinar please visit the graduation webpage.
On May 25, 2007, the President signed Public Law 110-28, H.R. 2206: U.S. Troop Readiness, Veterans' Care, Katrina Recovery, and Iraq Accountability Appropriations Act, 2007. The law provides immediate increases in tax incentives for employers in Renewal Communities, Empowerment Zones, and rural renewal counties.
There is an estimated $11 billion in tax incentives available to businesses that hire local residents, upgrade equipment needs, and build or rehabilitate commercial property in Renewal Communities and Empowerment Zones. These incentives include wage credits, increased deductions, accelerated depreciation, low-interest loans through facility bonds, tax savings on capital gains, and other incentives.
The new legislation authorizes eligible employers to claim up to $2,400 in work opportunity tax credits (WOTCs) by employing 18-39 year-old residents of Renewal Communities, Empowerment Zones, and rural renewal counties. Prior to May 25, 2007, eligible employers who wanted to claim these credits by hiring high-risk youth needed to hire 18-24 year-old residents of Renewal Communities and Empowerment Zones.
The Internal Revenue Service (IRS) and U.S. Department of Housing and Urban Development (HUD) hosted a webcast on October 11, 2007, from 2-4 p.m. EST. This was recorded and will be available for viewing.
A panel of IRS experts provide an overview of the $11 billion package of tax incentives available to eligible businesses in Renewal Communities (RCs) and Empowerment Zones (EZs) and updates on changes to these incentives. These tax incentives include employment credits, work opportunity tax credits, commercial revitalization deductions, increased Section 179 deductions, and other incentives.
The webcast will be available here in the future at http://www.hud.gov/webcasts/archives/and viewers will need an updated version of RealPlayer or MS Media Player to view it properly. A total of 361 accountants and community representatives were registered for the call on October 11, 2007.
For more information on the tax incentives available for businesses in Empowerment Zones, please read IRS Publication 954, Tax Incentives for Distressed Communities, available online at http://www.irs.gov/publications/p954/index.html.
To view maps of the Empowerment Zones and to determine if specific address is located in these designated areas, visit HUD's Address Locator at "www.hud.gov/crlocator".
For more information on the Renewal Community and Urban Empowerment Zone programs, visit the Office of Community Renewal website at "http://www.hud.gov/offices/cpd/economicdevelopment/programs/rc/index.cfm".
For more information on the tax incentives available for businesses in Renewal Communities and Empowerment Zones, please read IRS Publication 954, Tax Incentives for Distressed Communities, available online at http://www.irs.gov/publications/p954/index.htmlTo view maps of the Renewal Communities and Empowerment Zones and to determine if specific addresses are located in these designated areas, visit HUD's Address Locator at "www.hud.gov/crlocator". For more information on the Renewal Community and Urban Empowerment Zone programs, visit the Office of Community Renewal website at "www.hud.gov/cr". For Rural Empowerment Zones, please visit "www.rurdev.usda.gov/rbs/ezec/index.html.".
