. . . . "Renewal Communities (RCs) and Empowerment Zones (EZs) are distressed urban and rural communities in the United States where qualifying businesses are eligible for billions of dollars in tax incentives. They were created in the Community Renewal Tax Relief Act of 2000, which 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. One provision of the Community Renewal Tax Relief Act of 2000 was the creation of 40 \"renewal communities\". 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). The communities must have under 200,000 people in them, but can be any physical size. 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. If a community is successful in becoming a designated renewal community, local business \"may be entitled to employer wage credits for full-time employees and summer workers, an expanded expense deduction for tangible assets, an accelerated commercial revitalization deduction and a 100% exclusion for capital gains on the sale of certain renewal community business interests or tangible assets.\""@en . . . . . . . . . . . . . . "821067999"^^ . . . . . . . . . "Renewal community"@en . "Renewal Communities (RCs) and Empowerment Zones (EZs) are distressed urban and rural communities in the United States where qualifying businesses are eligible for billions of dollars in tax incentives. They were created in the Community Renewal Tax Relief Act of 2000, which was eventually passed as part of the Consolidated Appropriations Act, 2001."@en . . "7193"^^ . . . . . . . . . . . . "15047494"^^ . . . . . . . . . . . . . . . . .