The IRS announced that all the designated empowerment zones where employers and other taxpayers qualify for special tax incentives will remain in effect through the end of the year.
In Notice 2013-38 in May, the IRS had announced that any nomination for an empowerment zone that was in effect on Dec. 31, 2009, would terminate on December 31 of this year, unless the governing state or municipality declined the extension -– but none did so they will all remain in effect until the end of this year.
Empowerment Zones were created by legislation in 1993, and most zones had an expiration date of Dec. 31, 2009. Subsequent legislation extended the expiration dates to Dec. 31, 2011, and then Dec. 31, 2013.
For more information: www.onts9.com