The Taxman86 Goofed; What Are Effective Dates; Who Are The Tax Mechanics
1. H.R. 5662 The "Community Renewal Tax Relief Act of 2000;" [the "Act"]
The text of H.R.5662 has not yet been received from GPO. If you are interested in the Community Renewal language we suggest you go to Title VI of H.R. 5542
2. Where are the effective dates?
Each Section of the Act has effective dates, and the effective dates appear, as we have seen in a draft bill, to be the same as contained in H.R. 5542, which means that IRC Section 1397B and Section 1202, as amended, are effective upon enactment. Both of these sections require you to be an Enterprise Zone Business under IRC Section 1397C [formerly Section 1397B]. We suggest you check this out very carefully especially IRC Section 1397B(f) for businesses on two sides of a census tract boundary line.
3. The creative ones are at work!
If you missed yesterday's New York Times' lead article on the front page we suggest you check it out. It suggests there are big dollars to the Big 5 Accounting Firms to find tax shelters for their corporate clients. We suggest that it will not be long before they find IRC Section 1397B especially since their offices may be in several of the qualified Empowerment Zones. Check out our Website for the Santa Ana Empowerment Zone to see which of the Big Five just opened their offices within the Zone.
Jim Schneider, LL.M.
The Taxman86 Speaks... is copyright 1998-2010 by James E. Schneider, LL.M. Inc.