Empowerment zone designations in effect through 2016 | KPMG | GLOBAL

Empowerment zone designations to remain in effect through 2016

Empowerment zone designations in effect through 2016

The IRS today announced that all empowerment zone designations and the related tax incentives will remain in effect through December 31, 2016.


Related content

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.

© 2018 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

Connect with us


Request for proposal