To amend the Internal Revenue Code of 1986 to extend certain tax benefits related to empowerment zones to the District of Columbia.

Bill 117 hr 6318, also known as the "Empowerment Zone Tax Incentive Extension Act," aims to amend the Internal Revenue Code of 1986 to extend certain tax benefits related to empowerment zones to the District of Columbia.

Empowerment zones are designated areas that are economically distressed and in need of revitalization. The tax benefits provided to businesses operating within these zones are intended to encourage investment, job creation, and economic growth in these communities.

The bill seeks to extend these tax benefits to the District of Columbia, allowing businesses located within the designated empowerment zones in the nation's capital to take advantage of the same incentives that are currently available in other designated areas across the country. Specifically, the bill proposes to extend the tax incentives related to employment credits, increased expensing for qualified zone property, and tax-exempt bond financing to businesses operating within the District of Columbia's empowerment zones. By extending these tax benefits to the District of Columbia, the bill aims to promote economic development and job creation in underserved communities within the nation's capital. This legislation has the potential to stimulate investment and growth in these areas, ultimately benefiting both businesses and residents alike.