Obama Visits Chicago to Propose ‘Promise Zones’
At a high school near his own neighborhood here, President Obama on Friday will provide new details about an initiative to select 20 communities nationwide as laboratories for better coordination of federal, local, nonprofit and private-sector investments to revitalize long-distressed areas, according to administration officials.
Mr. Obama had announced his proposal to designate the so-called Promise Zones during his State of the Union address on Tuesday night, but did not provide many details. As part of the effort, he also is seeking tax breaks, for capital investments in the zones and for employers who hire unemployed residents.
But Congress has not passed similar tax incentives that he proposed in the past two years — a testament to the legislative hurdles for the president’s second-term agenda.