Community Renewal Tax Relief Act of 2000

[AI summary unavailable — showing source text] Community Renewal Tax Relief Act of 2000 - Title I: Community Renewal and New Markets - Subtitle A: Tax Incentives for Renewal Communities - Authorizes the Secretary of Housing and Urban Development to designate (upon local or State nomination) up to 40 renewal communities, of which at least 12 shall be in rural areas. Requires for nomination purposes that: (1) the area be experiencing high rates of poverty and unemployment and general distress; and (2) State and local governments enter into written contracts with community organizations to promote specified economic growth and employment activities. Excludes from gross income capital gains on the sale or exchange of a qualified community asset (stock, business property, or partnership interest) held for more than five years. Allows: (1) a renewal community employment credit; (2) a commercial revitalization deduction; (3) increased expensing for renewal community business assets; and (4) the work opportunity credit for hiring youth residing in renewal communities. Subtitle B: Extension and Expansion of Empowerment Zone Incentives - Provides for the designation of additional empowerment zones and increased empowerment zone tax incen…