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Alabama Companies Get $14 Million In Tax Deductions For Renewal Community Expansion.
The Mobile Register (1/15, Curran) reports, “By building its $65 million plant in a depressed downtown area, the Mobile Register is one of 21 Alabama companies receiving federal tax breaks for locating or expanding operations in so-called renewal communities, state officials announced this week. The announcement by the Alabama Department of Economic and Community Affairs could reduce the paper’s federal tax bill by about $3.5 million, with half of that savings on its 2002 tax bill, ADECA officials explained. By far the two largest recipients of the program were the Register, which will receive the maximum $10 million per-project deduction amount, and Prichard-based Welding Engineering Supply Co., with $1.17 million. A third local company, Denny Manufacturing Co. of Prichard, received $200,000 in deductions. The amounts are determined by the applicants’ investments in new or expanded operations. … In all, the 21 Alabama companies will share about $14.1 million in deductions that can be subtracted from their revenues...
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Highlights from the May 19-22 Community Renewal Implementation Conference

Which new communities did HUD designate as Renewal Communities or Round III Empowerment Zones? Are there any recent flash faxes from HUD that describe technical assistance or funding opportunities for neighborhoods or business in the RCs, EZs and ECs? What are some recent success stories from the EZ/ECs? The links below provide answers to these questions as well as other news impacting the RC/EZ/ECs.

	State Allocations of Commercial Revitalization Deductions Chat Room. You must contact the moderator before participating to receive an ID and Password.
	Bush Administration Announces Renewal Community Initiative
	HUD announces eight new Empowerment Zones
	Business Success Stories
	Urban Flash Faxes
	Designation of Round III Empowerment Zones and Renewal Communities-Interim Rule (24 CFR part 599)