The IRS today announced that all empowerment zone designations and the related tax incentives will remain in effect through December 31, 2016.
Notice 2016-28 [PDF 16 KB] was issued in March 2016, to provide that any nomination for an empowerment zone in effect on December 31, 2014, would have a new termination date of December 31, 2016—unless the governing state or municipality declined the extension in a notification to the IRS. The deadline for notification was May 24, 2016.
In today’s IRS release—IR-2016-91 [PDF 41 KB] (June 21, 2016)—the IRS reported that no state or municipality contacted the IRS to decline the extension. Therefore, all empowerment zone designations in effect on December 31, 2014, will remain in effect through December 31, 2016.
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