Directs the Secretary to: (1) conduct an assessment of such organizations' capability needs; and (2) establish the Advisory Council on Community Economic Development.
Directs the President to include with each annual budget request a report regarding Federal financial support for community economic development.
Amends the Internal Revenue Code to provide a limited housing infrastructure business credit for qualified housing infrastructure property placed in service. Defines such property as property located in an empowerment zone, enterprise community, or renewal community, when substantially all of the use of which is to provide water, sewer, electricity, or natural gas service to residents.
Doubles, and extends through 2009 (currently 2005), for employment beginning after the enactment of this Act, the: (1) work opportunity credit; (2) welfare-to-work credit; (3) empowerment zone employment credit; and (4) renewal community employment. Increases, through 2009, the Indian employment credit. Increases and extends, through 2009, deductions for expensing the cost of certain depreciable business assets, commercial revitalization, and environmental remediation. Extends, through 2009, the special deduction for property used on Indian reservations.