Congress Urged To Expand Tax Breaks For Distressed Areas
08 October 2009 - 7:10AM
Dow Jones News
Here's another decision facing U.S. President Barack Obama:
Whether to expand tax breaks for businesses in poor areas plagued
with high unemployment rates.
Benefits targeting what are known as empowerment zones, begun in
1993 under the Clinton administration and expanded twice since then
to a total of 80 urban and rural areas, are set to expire on Dec.
31. The Obama administration's budget calls for extending the tax
benefits for just one year, through 2010, while bills introduced in
the House and Senate would continue benefits through 2015.
Department of Housing and Urban Development Secretary Shaun
Donovan is open to extending the tax incentives for two years or
longer, Nelson Bregon, HUD's assistant secretary for community
planning and development, testified Wednesday at a House Ways and
Means subcommittee hearing.
While use of the tax breaks since 2002 has fallen short of
projections by the congressional Joint Tax Committee, businesses
would be more likely to take advantage of them if they knew the
incentives would be in place for several years, Bregon said.
Accelerated deductions for some equipment purchases, favorable
treatment on capital gains and an employer tax credit of up to
$3,000 a year for each employee who lives in a designated
"empowerment zone" or "renewal community" are available to
qualifying firms under the existing program.
HUD estimates 300,000 companies qualify for the employee tax
credit, which is being used by companies such as Dell Inc. (DELL),
Marriott International Inc. (MAR) and Toyota Motor Corp. (TM),
along with small retailers, restaurants and manufacturers.
Alabama-based American Apparel Inc. (APP), which makes military
uniforms, used the tax credits to keep employees in Selma, a
designated empowerment zone, rather than shipping work offshore,
Carl Barranco, its secretary and treasurer, told the House panel.
He called for long-term extension of the tax breaks, saying
"businesses can't plan for one year."
Other reasons for the tepid business response to the tax credits
include concerns about robbery and vandalism, poor public-transit
options, and a slack economy that has curtailed equipment purchases
and hiring.
There is evidence that the program has fallen short of
expectations. Congress provided $3.8 billion of tax breaks for
building or rehabilitating commercial or industrial buildings in
distressed areas; HUD estimates about 45% of the funding has been
tapped so far.
Businesses have been less enthusiastic about a bond facility for
firms with at least 35% of their employees residing in designated
zones. So far, HUD said $643 million of these bonds have been
issued, just 16% of the total authorized.
Employers blame the restrictions on bond issuers, saying they
can't control where their employees live, or stand in employees'
way if they want to move to a better location. Some community
advocates urged Congress to take a more flexible approach, allowing
such bonds to be issued if 20% of a firm's employees reside in
zones targeted for revitalization.
Rep. Richard Neal, D-Mass., who chairs the House Ways and Means
panel on select revenue measures, said he would like to extend the
revitalization tax credits along with other credits for research
and development.
"I think, for predictability purposes, businesses need a
long-term window," Neal told Dow Jones Newswires. He said business
owners say they would be more likely to relocate to distressed
areas if tax benefits were in effect for five to seven years, but
acknowledged that expansion of the tax benefits may be constrained
by the mounting federal budget deficit.
Some lawmakers think the weak U.S. economy strengthens the case
for assistance to distressed areas, though. Rep. Artur Davis,
D-Ala., sponsor of the House empowerment zone bill, H.R. 1677,
noted that unemployment exceeds 20% in parts of Alabama and that
the tax credit is "a targeted, specific, tangible thing we can do"
to rebuild employment. The companion Senate bill, S. 1222, is
sponsored by Sen. Blanche Lincoln, D-Ark.
-By Judith Burns, Dow Jones Newswires; 202-862-6692;
Judith.Burns@dowjones.com