| Home > 106th Congressional Bills > H.R. 4923 (ih) To amend the Internal Revenue Code of 1986 to provide tax incentives [Introduced in House] ...
H.R. 4923 (ih) To amend the Internal Revenue Code of 1986 to provide tax incentives [Introduced in House] ...
106th CONGRESS 2d Session H. R. 4923 _______________________________________________________________________ AN ACT To amend the Internal Revenue Code of 1986 to provide tax incentives for the renewal of distressed communities, to provide for nine additional empowerment zones and increased tax incentives for empowerment zone development, to encourage investments in new markets, and for other purposes. 106th CONGRESS 2d Session H. R. 4923 _______________________________________________________________________ AN ACT To amend the Internal Revenue Code of 1986 to provide tax incentives for the renewal of distressed communities, to provide for nine additional empowerment zones and increased tax incentives for empowerment zone development, to encourage investments in new markets, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE; ETC. (a) Short Title.--This Act may be cited as the ``Community Renewal and New Markets Act of 2000''. (b) Amendment of 1986 Code.--Except as otherwise expressly provided, whenever in this Act an amendment or repeal is expressed in terms of an amendment to, or repeal of, a section or other provision, the reference shall be considered to be made to a section or other provision of the Internal Revenue Code of 1986. (c) Table of Contents.-- Sec. 1. Short title; etc. TITLE I--TAX INCENTIVES FOR RENEWAL COMMUNITIES Sec. 101. Designation of and tax incentives for renewal communities. Sec. 102. Extension of expensing of environmental remediation costs to renewal communities; extension of termination date for renewal communities and empowerment zones. Sec. 103. Work opportunity credit for hiring youth residing in renewal communities. TITLE II--EXTENSION AND EXPANSION OF EMPOWERMENT ZONE INCENTIVES Sec. 201. Authority to designate nine additional empowerment zones. Sec. 202. Extension of enterprise zone treatment through 2009. Sec. 203. 20 percent employment credit for all empowerment zones Sec. 204. Increased expensing under section 179. Sec. 205. Higher limits on tax-exempt empowerment zone facility bonds. Sec. 206. Nonrecognition of gain on rollover of empowerment zone investments. Sec. 207. Increased exclusion of gain on sale of empowerment zone stock. TITLE III--NEW MARKETS TAX CREDIT Sec. 301. New markets tax credit. TITLE IV--IMPROVEMENTS IN LOW-INCOME HOUSING CREDIT Sec. 401. Modification of State ceiling on low-income housing credit. Sec. 402. Modification of criteria for allocating housing credits among projects. Sec. 403. Additional responsibilities of housing credit agencies. Sec. 404. Modifications to rules relating to basis of building which is eligible for credit. Sec. 405. Other modifications. Sec. 406. Carryforward rules. Sec. 407. Effective date. TITLE V--PRIVATE ACTIVITY BOND VOLUME CAP Sec. 501. Acceleration of phase-in of increase in volume cap on private activity bonds. TITLE VI--AMERICA'S PRIVATE INVESTMENT COMPANIES Sec. 601. Short title. Sec. 602. Findings and purposes. Sec. 603. Definitions. Sec. 604. Authorization. Sec. 605. Selection of APICs. Sec. 606. Operations of APICs. Sec. 607. Credit enhancement by the Federal Government. Sec. 608. APIC requests for guarantee actions. Sec. 609. Examination and monitoring of APICs. Sec. 610. Penalties. Sec. 611. Effective date. Sec. 612. Sunset. TITLE VII--OTHER COMMUNITY RENEWAL AND NEW MARKETS ASSISTANCE Sec. 701. Transfer of unoccupied and substandard HUD-held housing to local governments and community development corporations. Sec. 702. Transfer of HUD assets in revitalization areas. Sec. 703. Risk-sharing demonstration. Sec. 704. Prevention and treatment of substance abuse; services provided through religious organizations. Sec. 705. New markets venture capital program. Sec. 706. BusinessLINC grants and cooperative agreements. TITLE I--TAX INCENTIVES FOR RENEWAL COMMUNITIES SEC. 101. DESIGNATION OF AND TAX INCENTIVES FOR RENEWAL COMMUNITIES. (a) In General.--Chapter 1 is amended by adding at the end the following new subchapter: ``Subchapter X--Renewal Communities ``Part I. Designation. ``Part II. Renewal community capital gain; renewal community business. ``Part III. Additional incentives. ``PART I--DESIGNATION ``Sec. 1400E. Designation of renewal communities. ``SEC. 1400E. DESIGNATION OF RENEWAL COMMUNITIES. ``(a) Designation.-- ``(1) Definitions.--For purposes of this title, the term `renewal community' means any area-- ``(A) which is nominated by one or more local governments and the State or States in which it is located for designation as a renewal community (hereafter in this section referred to as a `nominated area'), and ``(B) which the Secretary of Housing and Urban Development designates as a renewal community, after consultation with-- ``(i) the Secretaries of Agriculture, Commerce, Labor, and the Treasury; the Director of the Office of Management and Budget, and the Administrator of the Small Business Administration, and ``(ii) in the case of an area on an Indian reservation, the Secretary of the Interior. ``(2) Number of designations.-- ``(A) In general.--The Secretary of Housing and Urban Development may designate not more than 40 nominated areas as renewal communities. ``(B) Minimum designation in rural areas.--Of the areas designated under paragraph (1), at least eight must be areas-- ``(i) which are within a local government jurisdiction or jurisdictions with a population of less than 50,000, ``(ii) which are outside of a metropolitan statistical area (within the meaning of section 143(k)(2)(B)), or ``(iii) which are determined by the Secretary of Housing and Urban Development, after consultation with the Secretary of Commerce, to be rural areas. ``(3) Areas designated based on degree of poverty, etc.-- ``(A) In general.--Except as otherwise provided in this section, the nominated areas designated as renewal communities under this subsection shall be those nominated areas with the highest average ranking with respect to the criteria described in subparagraphs (B), (C), and (D) of subsection (c)(3). For purposes of the preceding sentence, an area shall be ranked within each such criterion on the basis of the amount by which the area exceeds such criterion, with the area which exceeds such criterion by the greatest amount given the highest ranking. ``(B) Exception where inadequate course of action, etc.--An area shall not be designated under subparagraph (A) if the Secretary of Housing and Urban Development determines that the course of action described in subsection (d)(2) with respect to such area is inadequate. ``(4) Limitation on designations.-- ``(A) Publication of regulations.--The Secretary of Housing and Urban Development shall prescribe by regulation no later than 4 months after the date of the enactment of this section, after consultation with the officials described in paragraph (1)(B)-- ``(i) the procedures for nominating an area under paragraph (1)(A), ``(ii) the parameters relating to the size and population characteristics of a renewal community, and ``(iii) the manner in which nominated areas will be evaluated based on the criteria specified in subsection (d). ``(B) Time limitations.--The Secretary of Housing and Urban Development may designate nominated areas as renewal communities only during the 24-month period beginning on the first day of the first month following the month in which the regulations described in subparagraph (A) are prescribed. ``(C) Procedural rules.--The Secretary of Housing and Urban Development shall not make any designation of a nominated area as a renewal community under paragraph (2) unless-- ``(i) the local governments and the States in which the nominated area is located have the authority-- ``(I) to nominate such area for designation as a renewal community, ``(II) to make the State and local commitments described in subsection (d), and ``(III) to provide assurances satisfactory to the Secretary of Housing and Urban Development that such commitments will be fulfilled, ``(ii) a nomination regarding such area is submitted in such a manner and in such form, and contains such information, as the Secretary of Housing and Urban Development shall by regulation prescribe, and ``(iii) the Secretary of Housing and Urban Development determines that any information furnished is reasonably accurate. ``(5) Nomination process for indian reservations.--For purposes of this subchapter, in the case of a nominated area on an Indian reservation, the reservation governing body (as determined by the Secretary of the Interior) shall be treated as being both the State and local governments with respect to such area. ``(b) Period for Which Designation Is in Effect.-- ``(1) In general.--Any designation of an area as a renewal community shall remain in effect during the period beginning on July 1, 2001, and ending on the earliest of-- ``(A) December 31, 2009, ``(B) the termination date designated by the State and local governments in their nomination, or ``(C) the date the Secretary of Housing and Urban Development revokes such designation. ``(2) Revocation of designation.--The Secretary of Housing and Urban Development may revoke the designation under this section of an area if such Secretary determines that the local government or the State in which the area is located-- ``(A) has modified the boundaries of the area, or ``(B) is not complying substantially with, or fails to make progress in achieving, the State or local commitments, respectively, described in subsection (d). ``(3) Earlier termination of certain benefits if earlier termination of designation.--If the designation of an area as a renewal community terminates before December 31, 2009-- ``(A) the date of such termination shall be substituted for `December 31, 2009' in section 198(h) with respect to such area, and ``(B) the day after the date of such termination shall be substituted for `January 1, 2010' each place it appears in sections 1400F and 1400J with respect to such area. ``(c) Area and Eligibility Requirements.-- ``(1) In general.--The Secretary of Housing and Urban Development may designate a nominated area as a renewal community under subsection (a) only if the area meets the requirements of paragraphs (2) and (3) of this subsection. ``(2) Area requirements.--A nominated area meets the requirements of this paragraph if-- ``(A) the area is within the jurisdiction of one or more local governments,
Other Popular 106th Congressional Bills Documents:
|GovRecords.org presents information on various agencies of the United States Government. Even though all information is believed to be credible and accurate, no guarantees are made on the complete accuracy of our government records archive. Care should be taken to verify the information presented by responsible parties. Please see our reference page for congressional, presidential, and judicial branch contact information. GovRecords.org values visitor privacy. Please see the privacy page for more information.|
Supreme Court Decisions
104th Congressional Documents
105th Congressional Documents
106th Congressional Documents
107th Congressional Documents
108th Congressional Documents
1994 Presidential Documents