"These tax incentives couldn't come at a better time," said Secretary Martinez. "This critical partnership between the public and private sectors will give local businesses in distressed neighborhoods an economic boost to help drive revitalization, provide jobs and ultimately build a foundation for stronger communities."

The new urban Empowerment Zones (EZs) will receive regulatory relief and tax breaks to help local businesses provide more jobs and promote community revitalization. The newly designated EZs will be located in Pulaski County, Arkansas; Fresno, California; Jacksonville, Florida; Syracuse, New York; Yonkers, New York; Oklahoma City; and, San Antonio.

Authorized by the 2000 Community Renewal Tax Relief Act, the new Empowerment Zones will use the power of public and private partnerships to build a framework of economic revitalization in areas that experience high unemployment and shortages of affordable housing.

Included in the $17 billion tax relief package, an estimated $6 billion in incentives are exclusively available for Empowerment Zones across the country. As distressed communities, Empowerment Zones will also be eligible to share in an additional $11 billion in Low-Income Housing and New Market Tax Credits.

These new EZs can take advantage of wage credits, tax deductions, bond financing and capital gains to stimulate economic development and job growth. Each incentive is tailored to meet the particular needs of a business and offers a significant inducement for companies to locate and hire additional workers.

Read details about the incentives in the full January 15th announcement.

Learn more about urban Empowerment Zones.