I 

108TH CONGRESS 

1ST SESSION H. R. 3508

To amend the Internal Revenue Code of 1986 to expand the tax benefits 

for the New York Liberty Zone. 

IN THE HOUSE OF REPRESENTATIVES 

NOVEMBER 18, 2003

Mr. HOUGHTON (for himself and Mr. RANGEL) 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 expand 

the tax benefits for the New York Liberty Zone.

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled,

3 SECTION 1. EXPANSION OF NEW YORK LIBERTY ZONE TAX 

4 BENEFITS. 

5 (a) EXTENSION OF TAX-EXEMPT BOND FINANC6 ING.—Subparagraph (D) of section 1400L(d)(2) of the 

7 Internal Revenue Code of 1986 is amended by striking 

8 ‘‘2005’’ and inserting ‘‘2010’’. 

9 (b) INCREASE IN MAXIMUM AMOUNT OF BONDS FOR

10 RESIDENTIAL PROPERTY.—Clause (ii) of section 
2

•HR 3508 IH 

1 1400L(d)(3)(B) of such Code is amended by striking 

2 ‘‘$1,600,000,000’’ and inserting ‘‘$3,000,000,000’’. 

3 (c) ELIMINATION OF SQUARE FOOTAGE REQUIRE4 MENT FOR NON-PUBLIC UTILITY PROJECTS.—

5 (1) IN GENERAL.—Subparagraph (B) of section 

6 1400L(d)(4) of such Code is amended to read as fol7 lows: 

8 ‘‘(B) COSTS FOR CERTAIN PROPERTY OUT9 SIDE ZONE INCLUDED.—In the case of certain 

10 property located outside the New York Liberty 

11 Zone but within the City of New York, such 

12 term includes the cost of—

13 ‘‘(i) acquisition, construction, recon14 struction, and renovation of nonresidential 

15 real property (including fixed tenant im16 provements associated with such property), 

17 if such property is part of a project which 

18 consists of at least 100,000 square feet of 

19 usable office or other commercial space lo20 cated in a single building or multiple adja21 cent buildings, or 

22 ‘‘(ii) acquisition, construction, and in23 stallation of real and personal property for 

24 one or more electric generation facilities 
3

•HR 3508 IH 

1 with an installed capacity of no more than 

2 300 megawatts each.’’. 

3 (2) INSTALLED CAPACITY DEFINED.—Para4 graph (4) of section 1400L(d) of such Code is 

5 amended by adding at the end the following new 

6 subparagraph: 

7 ‘‘(C) INSTALLED CAPACITY DEFINED.—

8 The term ‘installed capacity’ means, with re9 spect to any site, the installed capacity of all 

10 electrical generating equipment placed in service 

11 at such site. Such term includes the capacity of 

12 equipment installed during the 3 taxable years 

13 following the taxable year in which the equip14 ment is placed in service.’’. 

15 (3) EFFECTIVE DATE.—The amendments made 

16 by this subsection shall apply to property placed in 

17 service after December 31, 2003. 

18 (d) ELECTION OUT TECHNICAL AMENDMENT.—

19 (1) IN GENERAL.—Subsection (c) of section 

20 1400L of such Code is amended by adding at the 

21 end the following new paragraph: 

22 ‘‘(5) ELECTION OUT.—For purposes of this 

23 subsection, rules similar to the rules of section 

24 168(k)(2)(C)(iii) shall apply.’’. 
4

•HR 3508 IH 

1 (2) EFFECTIVE DATE.—The amendment made 

2 by this subsection shall take effect as if included in 

3 the amendments made by section 301 of the Job 

4 Creation and Worker Assistance Act of 2002.

Æ