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Sohodojo Advisory Board Member
Jim Schneider
The Taxman86 Speaks...
17 December 2000
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From Little Acorns Do Big Oaks Grow.

l. The little engine that could.

Today's New York Times says it all in "With Minimal Fanfare, Congress Calls It Quits."

We see it differently, passage of H.R. 5542 "Community Renewal Tax Relief Act of 2000," has given new life to all of the commercial businesses within the 31 Empowerment Zones, effective upon enactment. Thus the following e-mail, to my closest supporters, may be of interest to Congress, they did a lot, and we thank them for their hard work. Next year, with the beginning of the 107th Congress, we can finish it for the 95 Enterprise Communities, including San Diego. Happy Holidays from the Taxman86 and staff.

" Subject: Let the games begin!
Date: Sat, 16 Dec 2000 10:41:38 -0800
From: "Jim Schneider LL.M."
Organization: Yourself-Inc.Com
To:"Candice L. Schneider"
CC: Al Monahan, Jack Borgos, Jason Schneider, Betty Clay, Sidney Penn

...Clinton said he will sign the package soon. "If we continue to invest in our people and create opportunities for them, if we continue to honor and reward work, our possibilities are truly without limit," he said.

...Part of the budget package also will create a "New Markets" tax credit for investments in entities involved in development in low-income areas. About $8 billion in investments would be eligible for the credit over the next seven years...

From the streets of our central cities, to the hills of Appalachia, to the rugged vistas of our Native American reservations, to the Mississippi Delta, we are giving people the tools of opportunity to make the most of their potential, Clinton said..."

To put it another way, look to new IRC Section 1397B and Section 1202, as amended, contained in Sections 116 and 117 of H.R. 5562 "Community Renewal Tax Relief Act of 2000" which will upon enactment apply to Empowerment Zone Investments in URBAN and RURAL

As the Los Angeles Times said: "...One provision will eliminate capital gains taxes on some business transactions in these communities."

The entire Internal Revenue Code, from time began, has been a political fight between ordinary income vs. capital gains, taxable vs. non-taxable, and some industries and areas have always won out:

EAST OF THE MISSISSIPPI

  1. Boston, MA Empowerment Zone
  2. New Haven, CT Empowerment Zone
  3. New York, New York Empowerment Zone
  4. Philadelphia, Pennsylvania/Camden, New Jersey Empowerment Zone
  5. Cumberland County/Bridgeton/Vineland, NJ Empowerment Zone
  6. Baltimore, Maryland Empowerment Zone
  7. Norfolk/Portsmouth, VA Empowerment Zone
  8. Columbia/Sumter, SC Empowerment Zone
  9. Atlanta, Georgia Empowerment Zone
  10. Southwest Georgia United Empowerment Zone
  11. Miami-Dade County, FL Empowerment Zone
  12. Mid-Delta Empowerment Zone
  13. Knoxville, TN Empowerment Zone
  14. Kentucky Highlands Empowerment Zone
  15. Huntington, WV/Ironton, OH Empowerment Zone
  16. Cincinnati, OH Empowerment Zone
  17. Columbus, OH Empowerment Zone
  18. Cleveland, Ohio Empowerment Zone
  19. Detroit, Michigan Empowerment Zone
  20. Gary, IN/East Chicago, IL Empowerment Zone
  21. Chicago, Illinois Empowerment Zone
  22. St. Louis, MO/East St. Louis, IL Empowerment Zone
  23. Southernmost Illinois Delta Empowerment Zone

WEST OF THE MISSISSIPPI

  1. Minneapolis, MN Empowerment Zone
  2. Rio Grande Valley Empowerment Zone
  3. El Paso, TX Empowerment Zone
  4. Griggs-Steele County Empowerment Zone
  5. Oglala Sioux Tribe Empowerment Zone

CLOSE TO HOME FOR THE TAXMAN86

  1. Desert Communities Empowerment Zone
  2. Santa Ana, CA Empowerment Zone
  3. Los Angeles City & County, California Empowerment Zone

Jim Schneider, LL.M.
Taxman86

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