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The economic stimulus bill created the new bond The legislationappropriated $10 billio for Recovery Zone Economic Development The federal government will subsidize 45 percent of the interest on thesew taxable bonds, which will enablre state and local governments to lower their borrowing These bonds can be used for a variety of economic development projects, including job training and educational The legislation appropriated $15 billion for Recoveryu Zone Facility Bonds. Private-sector businesses can use theses tax-exempt bonds to finance depreciable capital projects in designatedrecoveryt zones, which are areas with high levels of unemployment or foreclosures.
The White House announcex a new Web portal that will make it easier for localities and private contractors to report their use of economicstimulus funds.
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