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Community Development Federal Revitalization Programs Are Being Implemented, But Data on the Use of Tax Benefits Are Limited

By General Accounting Office

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Book Id: WPLBN0000029020
Format Type: PDF eBook
File Size: 1.9 MB
Reproduction Date: 2005
Full Text

Title: Community Development Federal Revitalization Programs Are Being Implemented, But Data on the Use of Tax Benefits Are Limited  
Author: General Accounting Office
Volume:
Language: English
Subject: Government publications, Accountability in government, United States. General Accounting Office
Collections: Government Library Collection, Government Accountability Integrity Reliability Office Collection
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Publication Date:
Publisher: United States General Accounting Office (Gao)

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Office, G. A. (n.d.). Community Development Federal Revitalization Programs Are Being Implemented, But Data on the Use of Tax Benefits Are Limited. Retrieved from http://www.worldebooklibrary.org/


Description
Government Accountability Integrity Reliability Office Collection

Excerpt
Excerpt: Both the EZ/EC and RC programs were designed to improve conditions in distressed American communities; however, the features of the programs have changed over time. Round I and II EZs and ECs received different combinations of grant funding and tax benefits, while Round III EZs and RCs received mainly tax benefits. To implement the programs, federal agencies have, among other things, designated participating communities and overseen the provision of program benefits. Since 1994, HUD and USDA have designated a total of 41 EZs and 115 ECs, and HUD has designated 40 RCs. Available data show that Round I and II EZs and ECs are continuing to access their grant funds and IRS data show that businesses are claiming some tax benefits. However, IRS does not collect data on other tax benefits and cannot always identify the communities in which they were used. Also, efforts by HUD to obtain these data by survey were limited to Round I designees, and EZ and RC officials have had difficulty obtaining such information directly from businesses. The lack of tax benefit data limits the ability of HUD and USDA to administer and evaluate the programs.

 

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