I 

113TH CONGRESS 

2D SESSION H. R. 4471 

To amend the Internal Revenue Code of 1986 to extend the tax incentives 

for empowerment zones and renewal communities. 

IN THE HOUSE OF REPRESENTATIVES 

APRIL 10, 2014 

Mr. COHEN (for himself, Ms. KELLY of Illinois, Ms. TSONGAS, Ms. NORTON, 

and Ms. WILSON of Florida) 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 tax incentives for empowerment zones and renewal 

communities. 

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

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Growth Zones Oppor5 tunity Act’’. 

6 SEC. 2. EXTENSION OF EMPOWERMENT ZONE TAX INCEN7 TIVES. 

8 (a) IN GENERAL.—Clause (i) of section 

9 1391(d)(1)(A) of the Internal Revenue Code of 1986 is 

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1 amended by striking ‘‘December 31, 2013’’ and inserting 

2 ‘‘December 31, 2020’’. 

3 (b) INCREASED EXCLUSION OF GAIN ON STOCK OF

4 EMPOWERMENT ZONE BUSINESSES.—Subparagraph (C) 

5 of section 1202(a)(2) of such Code is amended— 

6 (1) by striking ‘‘December 31, 2018’’ and in7 serting ‘‘December 31, 2025’’; and 

8 (2) by striking ‘‘2018’’ in the heading and in9 serting ‘‘2025’’. 

10 (c) TREATMENT OF CERTAIN TERMINATION DATES

11 SPECIFIED IN NOMINATIONS.—In the case of a designa12 tion of an empowerment zone the nomination for which 

13 included a termination date which is contemporaneous 

14 with the date specified in subparagraph (A)(i) of section 

15 1391(d)(1) of the Internal Revenue Code of 1986 (as in 

16 effect before the enactment of this Act), subparagraph (B) 

17 of such section shall not apply with respect to such des18 ignation if, after the date of the enactment of this section, 

19 the entity which made such nomination amends the nomi20 nation to provide for a new termination date in such man21 ner as the Secretary of the Treasury (or the Secretary’s 

22 designee) may provide. 

23 (d) EFFECTIVE DATE.—The amendments made by 

24 this section shall apply to periods after December 31, 

25 2013. 

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1 SEC. 3. EXTENSION OF RENEWAL COMMUNITY TAX INCEN2 TIVES. 

3 (a) ADDITIONAL PERIOD.—Section 1400E(b) of the 

4 Internal Revenue Code of 1986 is amended by adding at 

5 the end the following new paragraph: 

6 ‘‘(3) ADDITIONAL PERIOD.—In the case of any 

7 designation of an area as a renewal community 

8 which terminated under subparagraph (A) or (B) of 

9 paragraph (1) on December 31, 2009— 

10 ‘‘(A) such designation shall be in effect for 

11 an additional period beginning on January 1, 

12 2014 and ending on December 31, 2020, 

13 ‘‘(B) sections 1400F shall be applied with 

14 respect to such area for such additional pe15 riod— 

16 ‘‘(i) by substituting ‘December 31, 

17 2013’ for ‘December 31, 2001’ each place 

18 it appears, 

19 ‘‘(ii) by substituting ‘January 1, 

20 2014’ for ‘January 1, 2002’ each place it 

21 appears, 

22 ‘‘(iii) by substituting ‘January 1, 

23 2021’ for ‘January 1, 2010’ each place it 

24 appears, and 

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1 ‘‘(iv) by substituting ‘December 31, 

2 2025’ for ‘December 31, 2014’ each place 

3 it appears, and 

4 ‘‘(C) section 1400J shall be applied with 

5 respect to such area for such additional pe6 riod— 

7 ‘‘(i) by substituting ‘December 31, 

8 2013’ for ‘December 31, 2001’, and 

9 ‘‘(ii) by substituting ‘January 1, 

10 2021’ for ‘January 1, 2010’.’’. 

11 (b) EFFECTIVE DATE.—The amendment made by 

12 this section shall apply to periods after December 31, 

13 2013. 

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