Empowerment zone designations continue through the end of 2014

Empowerment zone designations

The IRS today announced that all empowerment zone designations remained in effect through the end of 2014.

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Today’s IRS release—IR-2015-88—states that all empowerment zone designations in effect on December 31, 2013, remain in effect through December 31, 2014.

Summary

The IRS in March 2015 issued Notice 2015-26 to provide that any nomination for an empowerment zone in effect on December 31, 2013, would have a new termination date of December 31, 2014, unless the governing state or municipality declined the extension in a notification to the IRS.

The deadline for notification was May 11, 2015. The IRS today stated that no state or municipality contacted the IRS to decline the extension. Therefore, all empowerment zone designations in effect on December 31, 2013, remain in effect through December 31, 2014.

Congress created empowerment zones in 1993. Most zones had an expiration date of December 31, 2009. This is the third extension of the expiration date. The designation for the District of Columbia enterprise zone ended on December 31, 2011.

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