I 

112TH CONGRESS 

1ST SESSION H. R. 1428 

To amend the Internal Revenue Code of 1986 to extend the Renewal 

Community program through end of 2012. 

IN THE HOUSE OF REPRESENTATIVES 

APRIL 7, 2011 

Mr. HIGGINS (for himself, Ms. TSONGAS, Mr. LEWIS of Georgia, Mr. FILNER, 

Mr. TONKO, Mr. COHEN, and Ms. MOORE) 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 extend 

the Renewal Community program through end of 2012. 

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

3 SECTION 1. RENEWAL COMMUNITY TAX INCENTIVES. 

4 (a) IN GENERAL.—Subsection (b) of section 1400E 

5 of the Internal Revenue Code of 1986 is amended— 

6 (1) by striking ‘‘December 31, 2009’’ in para7 graphs (1)(A) and (3) and inserting ‘‘December 31, 

8 2012’’; and 

9 (2) by striking ‘‘January 1, 2010’’ in paragraph 

10 (3) and inserting ‘‘January 1, 2013’’. 


smartinez on DSKB9S0YB1PROD with BILLS
2 

•HR 1428 IH

1 (b) ZERO-PERCENT CAPITAL GAINS RATE.— 

2 (1) ACQUISITION DATE.—Paragraphs (2)(A)(i), 

3 (3)(A), (4)(A)(i), and (4)(B)(i) of section 1400F(b) 

4 of such Code are each amended by striking ‘‘Janu5 ary 1, 2010’’ and inserting ‘‘January 1, 2013’’. 

6 (2) LIMITATION ON PERIOD OF GAINS.—Para7 graph (2) of section 1400F(c) of such Code is 

8 amended— 

9 (A) by striking ‘‘December 31, 2014’’ and 

10 inserting ‘‘December 31, 2017’’; and 

11 (B) by striking ‘‘2014’’ in the heading and 

12 inserting ‘‘2017’’. 

13 (3) APPLICABLE RULES.—Subsection (d) of sec14 tion 1400F is amended— 

15 (A) by striking ‘‘December 31, 2014’’ the 

16 first place it appears and inserting ‘‘December 

17 31, 2017’’, and 

18 (B) by striking ‘‘December 31, 2014’’ the 

19 second place it appears and inserting ‘‘Decem20 ber 31, 2016’’. 

21 (c) COMMERCIAL REVITALIZATION DEDUCTION.— 

22 (1) EXTENSION.— 

23 (A) IN GENERAL.—Subsection (g) of sec24 tion 1400I of such Code is amended by striking 


smartinez on DSKB9S0YB1PROD with BILLS
3 

•HR 1428 IH

1 ‘‘December 31, 2009’’ and inserting ‘‘December 

2 31, 2012’’. 

3 (B) CONFORMING AMENDMENT.—Subpara4 graph (A) of section 1400I(d)(2) of such Code 

5 is amended by striking ‘‘after 2001 and before 

6 2010’’ and inserting ‘‘which begins after 2001 

7 and before the date referred to in subsection 

8 (g)’’. 

9 (2) CARRYFORWARD OF UNALLOCATED STATE

10 COMMERCIAL REVITALIZATION EXPENDITURE CEIL11 ING.— 

12 (A) IN GENERAL.—Paragraph (1) of sec13 tion 1400I(d) of such Code is amended to read 

14 as follows: 

15 ‘‘(1) IN GENERAL.—The aggregate commercial 

16 revitalization expenditure amount which a commer17 cial revitalization agency may allocate for any cal18 endar year is the amount equal to the sum of— 

19 ‘‘(A) the amount of the State commercial 

20 revitalization expenditure ceiling determined 

21 under this paragraph for such calendar year for 

22 such agency (determined without regard to sub23 paragraph (B)), and 

24 ‘‘(B) the aggregate of the unused State 

25 commercial revitalization expenditure ceilings 


smartinez on DSKB9S0YB1PROD with BILLS
4 

•HR 1428 IH

1 determined under this paragraph for such agen2 cy for each of the 2 preceding calendar years. 

3 For purposes of subparagraph (B), amounts of ex4 penditure ceiling shall be treated as allocated by an 

5 agency first from unused amounts for the second 

6 preceding calendar year, then from unused amounts 

7 for the 1st preceding calendar year, and then from 

8 amounts from the current year State allocation.’’. 

9 (B) EFFECTIVE DATE.—The amendment 

10 made by this subsection shall apply to calendar 

11 years beginning after the date of the enactment 

12 of this Act. 

13 (d) INCREASED EXPENSING UNDER SECTION 179.— 

14 Subparagraph (A) of section 1400J(b)(1) of such Code is 

15 amended by striking ‘‘January 1, 2010’’ and inserting 

16 ‘‘January 1, 2013’’. 

17 (e) TREATMENT OF CERTAIN TERMINATION DATES

18 SPECIFIED IN NOMINATIONS.—In the case of a designa19 tion of a renewal community the nomination for which in20 cluded a termination date which is contemporaneous with 

21 the date specified in subparagraph (A) of section 

22 1400E(b)(1) of the Internal Revenue Code of 1986 (as 

23 in effect before the enactment of this Act), subparagraph 

24 (B) of such section shall not apply with respect to such 

25 designation unless, after the date of the enactment of this 


smartinez on DSKB9S0YB1PROD with BILLS
5 

•HR 1428 IH

1 section, the entity which made such nomination reconfirms 

2 such termination date, or amends the nomination to pro3 vide for a new termination date, in such manner as the 

4 Secretary of the Treasury (or the Secretary’s designee) 

5 may provide. 

6 (f) EFFECTIVE DATES.— 

7 (1) IN GENERAL.—Except as otherwise pro8 vided in this subsection, the amendments made by 

9 this section shall apply to periods after December 

10 31, 2009. 

11 (2) ACQUISITIONS.—The amendments made by 

12 subsections (b)(1) and (d) shall apply to acquisitions 

13 after December 31, 2009. 

14 (3) COMMERCIAL REVITALIZATION DEDUC15 TION.— 

16 (A) IN GENERAL.—The amendment made 

17 by subsection (c)(1) shall apply to buildings 

18 placed in service after December 31, 2009. 

19 (B) CONFORMING AMENDMENT.—The 

20 amendment made by subsection (c)(2) shall 

21 apply to calendar years beginning after Decem22 ber 31, 2009. 

Æ 


smartinez on DSKB9S0YB1PROD with BILLS