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OCR Page 1 of 5738BF67DC.FIN
Page 100 of 155
economic
prosperity. The Clinton-Gore Administration's FY2001 budget
proposes an expanded
New Markets initiative and Empowerment Zone program, a new
program known as First
Accounts, creation of the new Delta Regional Authority, new
initiatives to close
the Digital Divide, efforts to expand opportunities to Native
Americans as well
as other programs that will provide distressed communities with
additional
opportunities to succeed.
The New Markets Initiative. The President's budget provides tax
credits and
loans guarantee incentives to stimulate $22 billion of new private
capital
investments in economically distressed communities around the
country and build a
network of private investment institutions to funnel credit, equity and
technical
assistance to businesses in America's new markets. In addition, the
budget
proposes a new initiative, known as First Accounts that will provide
low-cost
bank accounts for working families.
? More Than Doubling the New Markets Tax Credit. The President
proposes to more
than double the New Markets tax credit to spur $15 billion in new
investment in
community development in economically distressed areas. An entity
making new
equity investments in a selected community development project
would be eligible
for a tax credit worth 25 percent of the cost of the investment. A
variety of
vehicles providing equity and credit to businesses in underserved
areas would be
eligible. The total cost of the tax credits amounts to $5 billion over 10
years.
? Expanded Empowerment Zones. The proposed expanded wage
credits, tax
incentives, and new round of urban and rural EZs will extend and
improve economic
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