Congressman Miller Introduces Legislation to Bring Jobs to the Inland Empire

Press Release

Rep. Gary G. Miller (CA-31) along with Rep. Jerry McNerney (CA-09) introduced the Revitalize Our Cities Act (H.R. 3535), legislation to provide job opportunities for hardworking Americans.

"My main priority in Congress is creating jobs and economic prosperity for families of the Inland Empire," said Congressman Miller in announcing the introduction of this legislation. "This bipartisan legislation will spur economic growth and help put residents of the 31st District back to work by providing vital investment incentives for businesses to come to the Inland Empire. Employers located in federal empowerment zones will receive tax credits for hiring employees. This legislation will provide a direct and positive impact on Inland Empire residents."

H.R. 3535, the Revitalize Our Cities Act, will extend the federal empowerment zone designations for three years and expand the program to include those cities that have recently declared bankruptcy.

"The Inland Empire is still recovering from the 2008 economic downturn with thousands of residents struggling to regain employment and sound financial footing. This legislation will greatly expedite the region's recovery and help reduce unemployment that remains more than three percent higher than the national average," added Congressman Miller.

The Empowerment Zone (EZ) program under H.R. 3535 will create numerous tax credits, loan opportunities, and other incentives. Specifically, the program will provide:

* Employment Credit-- Provides an annual tax credit to an employer of up to $3,000 for employees who live and work in an EZ.
* Wage Credit -- Provides a tax credit of up to $2,400 for each new employee aged 18-39 who lives in the EZ.
* Property Deduction-- Allows business owners to recover all or part of the cost of certain qualifying properties by deducting them in the year that the property is placed into service.
* Investment Incentive -- Allows businesses to elect to rollover certain gains from the sale of a qualified EZ asset.
* EZ Facility Bonds-- Allows local or state governments to issue low interest facility bonds to businesses to finance qualified zone properties.
* Qualified Zone Academy Bonds-- Allows state or local governments to issue no interest bonds to "qualified zone academies." Local Education Agencies must obtain commitments from private entities for qualified contributions of no less than 10% of the bond in order to be eligible.

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