tax renewal

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.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." Both rural and urban areas are eligible. Three primary means were used: renewal communities, empowerment zones, and community development entities. The bill also created the New Markets Tax Credit Program, which has been renewed several times and is still in effect.

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