New Cohen Bill Would Spur Economic Growth and Job Creation in Economically Distressed Areas

[MEMPHIS, TN] – Congressman Steve Cohen (TN-09) today announced his introduction of H.R. 4471, the Growth Zones Opportunity Act, which would help spur job creation and economic revitalization in distressed areas by renewing tax incentives for designated “Renewal Communities” like Memphis as well as designated “Empowerment Zones” through the end of this decade. These tax incentives were successful in alleviating the damage caused by decades of underinvestment in downtrodden communities, but have expired in recent years and Congress has so far failed to renew them.

“Urban and rural areas across the county—including Memphis—are grappling with high unemployment rates and hardworking families throughout these communities are struggling just to make ends meet,” said Congressman Cohen. “For years, struggling communities have relied on Renewal Community and Empowerment Zone incentives to create jobs and revitalize their economies. With millions of jobs lost across the country because of the Great Recession and too many Memphians still struggling, my Growth Zones Opportunity Act should be passed immediately to renew critical tax incentives and help distressed areas.”

Empowerment Zones (EZ) and Renewal Communities (RC) were developed by Congress to target distressed communities and played a key role in our nation’s efforts to reduce poverty and unemployment as well as create economic opportunity in areas hardest hit by economic downturns. Incentives for Renewal Communities—including for Memphis—expired at the end of 2009, and incentives for Empowerment Zones expired at the end of 2013. A tool to find EZs and RCs throughout the country is available here.