HomeMy WebLinkAbout028405 RES - 11/10/2009Page 1 of 3
RESOLUTION
URGING ADOPTION OF FEDERAL LEGISLATION TO EXTEND THE
PERIOD OF DESIGNATION OF TAX -PREFERRED EMPOWERMENT
ZONES, RURAL ENTERPRISE COMMUNITIES, AND RENEWAL
COMMUNITIES
WHEREAS, legislation is currently pending before the Congress of the United States to
extend the period of designation of tax -preferred empowerment zones, rural enterprise
communities, and renewal communities;
WHEREAS, bills, such as, H.R. 1677 and S. 1222, Empowerment Zone, Renewal
Community and Enterprise Community Enhancement Act of 2009, will accomplish that
goal;
WHEREAS, H.R. 1677 and S. 1222 amend the Internal Revenue Code provisions
relating to tax -preferred empowerment zones, rural enterprise communities, and
renewal communities to:
(1) Extend the period of designation for such areas through 2015;
(2) Provide a safe harbor standard for employee residency requirements in
empowerment zones;
(3) Eliminate certain residency requirements for the empowerment zone
employment tax credit;
(4) Grant authority to expand the boundaries of empowerment zones and
enterprise communities, including those located in rural areas;
(5) Allow carryovers of unused expensing allowances for enterprise zone
businesses;
(6) Allow certain empowerment zone businesses to elect to receive payments in
lieu of tax benefits;
(7) AIIow federal guarantees and tax exemptions for enterprise zones and
renewal communities; and
(8) AIIow the issuance of tax-exempt rural enterprise community bonds and
empowerment zone facility bonds.
WHEREAS, the City of Corpus Christi was designated as one of two urban cities in
Texas as a Renewal Community from January 1, 2002 through December 31, 2009;
WHEREAS, the City of Corpus Christi has been allocated $12 million per year to be
utilized for tax incentives, which are are provided to spur business and job growth in
communities which have had high levels of poverty and unemployment;
HR 1677 Resolution 11042009_2
'28405
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WHEREAS, since 2002 the City of Corpus Christi has allocated $72,595,000 in
Commercial Revitalization Deductions to 43 projects; and
WHEREAS, more than $500 million in capital investments have resulted from these
projects with an estimated 796 new jobs created;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
CORPUS CHRISTI, TEXAS:
SECTION 1. The senators and members of the House of Representatives from Texas
are urged to support and work for the passage of legislation that extends the period of
designation of tax -preferred empowerment zones, rural enterprise communities, and
renewal communities.
ATTEST:
THE CITY OF CORPUS CHRISTI
Armando Chapa U Joe Ad
City Secretary Mayor
APPROVED: 5th day of November, 2009.
R a Reining
First Assista ► City Attorney
For City Attorney
HR 1677 Resolution 11042009_2
Corpus Christi, Texas
of Ap ag. , 2009
The above resolution was passed by the following vote:
Joe Adame
Chris N. Adler
Brent Chesney
Iu
Larry R. Elizondo, Sr. 4'
,�I
-6-7,4t_
1�"
Kevin Kieschnick
Priscilla Leal
John E. Marez
Nelda Martinez
Mark Scott
HR 1677 Resolution 11042009_2
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