Home > 106th Congressional Bills > H.R. 5663 (ih) To provide for community renewal and new markets initiatives. [Introduced in House] ...H.R. 5663 (ih) To provide for community renewal and new markets initiatives. [Introduced in House] ...
106th CONGRESS
2d Session
H. R. 5662
To amend the Internal Revenue Code of 1986 to provide for community
revitalization and a 2-year extension of medical saving accounts, and
for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
December 14, 2000
Mr. Archer (for himself and Mr. Armey) introduced the following bill;
which was referred to the Committee on Ways and Means
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 to provide for community
revitalization and a 2-year extension of medical saving accounts, 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; AMENDMENT OF 1986 CODE.
(a) Short Title.--This Act may be cited as the ``Community Renewal
Tax Relief 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.--The table of contents for this Act is as
follows:
Sec. 1. Short title; amendment of 1986 Code.
TITLE I--COMMUNITY RENEWAL AND NEW MARKETS
Subtitle A--Tax Incentives for Renewal Communities
Sec. 101. Designation of and tax incentives for renewal communities.
Sec. 102. Work opportunity credit for hiring youth residing in renewal
communities.
Subtitle B--Extension and Expansion of Empowerment Zone Incentives
Sec. 111. Authority to designate nine additional empowerment zones.
Sec. 112. Extension of empowerment zone treatment through 2009.
Sec. 113. Twenty percent employment credit for all empowerment zones.
Sec. 114. Increased expensing under section 179.
Sec. 115. Higher limits on tax-exempt empowerment zone facility bonds.
Sec. 116. Nonrecognition of gain on rollover of empowerment zone
investments.
Sec. 117. Increased exclusion of gain on sale of empowerment zone
stock.
Subtitle C--New Markets Tax Credit
Sec. 121. New markets tax credit.
Subtitle D--Improvements in Low-Income Housing Credit
Sec. 131. Modification of State ceiling on low-income housing credit.
Sec. 132. Modification of criteria for allocating housing credits among
projects.
Sec. 133. Additional responsibilities of housing credit agencies.
Sec. 134. Modifications to rules relating to basis of building which is
eligible for credit.
Sec. 135. Other modifications.
Sec. 136. Carryforward rules.
Sec. 137. Effective date.
Subtitle E--Other Community Renewal and New Markets Assistance
Part I--Provisions relating to housing and substance abuse prevention
and treatment
Sec. 141. Transfer of unoccupied and substandard HUD-held housing to
local governments and community development
corporations.
Sec. 142. Transfer of HUD assets in revitalization areas.
Sec. 143. Risk-sharing demonstration.
Sec. 144. Prevention and treatment of substance abuse; services
provided through religious organizations.
Part II--Advisory Council on Community Renewal
Sec. 151. Short title.
Sec. 152. Establishment.
Sec. 153. Duties of Advisory Council.
Sec. 154. Membership.
Sec. 155. Powers of Advisory Council.
Sec. 156. Reports.
Sec. 157. Termination.
Sec. 158. Applicability of Federal Advisory Committee Act.
Sec. 159. Resources.
Sec. 160. Effective date.
Subtitle F--Other Provisions
Sec. 161. Acceleration of phase-in of increase in volume cap on private
activity bonds.
Sec. 162. Modifications to expensing of environmental remediation
costs.
Sec. 163. Extension of DC homebuyer tax credit.
Sec. 164. Extension of DC Zone through 2003.
Sec. 165. Extension of enhanced deduction for corporate donations of
computer technology.
Sec. 166. Treatment of Indian tribal governments under Federal
Unemployment Tax Act.
TITLE II--TWO-YEAR EXTENSION OF AVAILABILITY OF MEDICAL SAVINGS
ACCOUNTS
Sec. 201. Two-year extension of availability of medical savings
accounts.
Sec. 202. Medical savings accounts renamed as Archer MSAs.
TITLE III--ADMINISTRATIVE AND TECHNICAL PROVISIONS
Subtitle A--Administrative Provisions
Sec. 301. Exemption of certain reporting requirements.
Sec. 302. Extension of deadlines for IRS compliance with certain notice
requirements.
Sec. 303. Extension of authority for undercover operations.
Sec. 304. Confidentiality of certain documents relating to closing and
similar agreements and to agreements with
foreign governments.
Sec. 305. Increase in threshold for Joint Committee reports on refunds
and credits.
Sec. 306. Treatment of missing children with respect to certain tax
benefits.
Sec. 307. Amendments to statutes referencing yield on 52-week Treasury
bills.
Sec. 308. Adjustments for Consumer Price Index error.
Sec. 309. Prevention of duplication of loss through assumption of
liabilities giving rise to a deduction.
Sec. 310. Disclosure of certain information to Congressional Budget
Office.
Subtitle B--Technical Corrections
Sec. 311. Amendments related to Ticket to Work and Work Incentives
Improvement Act of 1999.
Sec. 312. Amendments related to Tax and Trade Relief Extension Act of
1998.
Sec. 313. Amendments related to Internal Revenue Service Restructuring
and Reform Act of 1998.
Sec. 314. Amendments related to Taxpayer Relief Act of 1997.
Sec. 315. Amendments related to Balanced Budget Act of 1997.
Sec. 316. Amendments related to Small Business Job Protection Act of
1996.
Sec. 317. Amendment related to Revenue Reconciliation Act of 1990.
Sec. 318. Other technical corrections.
Sec. 319. Clerical changes.
TITLE IV--TAX TREATMENT OF SECURITIES FUTURES CONTRACTS
Sec. 401. Tax treatment of securities futures contracts.
TITLE I--COMMUNITY RENEWAL AND NEW MARKETS
Subtitle A--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 1 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.--Not more than 40 nominated areas
may be designated as renewal communities.
``(B) Minimum designation in rural areas.--Of the
areas designated under paragraph (1), at least 12 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.
``(C) Preference for enterprise communities and
empowerment zones.--With respect to the first 20
designations made under this section, a preference
shall be provided to those nominated areas which are
enterprise communities or empowerment zones (and are
otherwise eligible for designation under this section).
``(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 period beginning on
the first day of the first month following the month in
which the regulations described in subparagraph (A) are
prescribed and ending on December 31, 2001.
``(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.--
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