Restoring Our Local Economies Act of 2010 - Amends the Internal Revenue Code, with respect to the designation of tax-preferred empowerment zones and enterprise communities, to allow a five-year extension of the designation period for a zone or community that is a qualifying zone. Defines "qualifying zone" as any designated empowerment zone or enterprise community if the government that nominated such zone or community requests an extension of the designation period and has submitted to the Secretary of the Treasury information indicating compliance with, and progress in achieving, certain benchmarks.