HUBZone Revitalization Act of 2015

To amend the Small Business Act to treat certain qualified disaster areas as HUBZones and to extend the period for HUBZone treatment for certain base closure areas, and for other purposes. 1. Short title This Act may be cited as the HUBZone Revitalization Act of 2015 2. HUBZone qualified disaster areas (a) In general The Small Business Act ( 15 U.S.C. 631 et seq. (1) in section 3(p) ( 15 U.S.C. 632(p) (A) in paragraph (1)— (i) in subparagraph (D), by striking or (ii) in subparagraph (E), by striking the period at the end and inserting ; or (iii) by adding at the end the following: (F) qualified disaster areas. ; and (B) in paragraph (4), by adding at the end the following: (E) Qualified disaster area (i) In general The term qualified disaster area 42 U.S.C. 5170 (I) in the case of a census tract, the census tract ceased to be a qualified census tract during the period beginning 5 years before and ending 2 years after the date on which— (aa) the President declared the major disaster; or (bb) the catastrophic incident occurred; or (II) in the case of a nonmetropolitan county, the nonmetropolitan county ceased to be a qualified nonmetropolitan county during the period beginning 5 years before and ending 2 years after the date on which— (aa) the President declared the major disaster; or (bb) the catastrophic incident occurred. (ii) Treatment A qualified disaster area shall only be treated as a HUBZone— (I) in the case of a major disaster declared by the President, during the 5-year period beginning on the date on which the President declared the major disaster for the area in which the census tract or nonmetropolitan county, as applicable, is located; and (II) in the case of a catastrophic incident, during the 10-year period beginning on the date on which the catastrophic incident occurred in the area in which the census tract or nonmetropolitan county, as applicable, is located. ; and (2) in section 31(c)(3) ( 15 U.S.C. 657a(c)(3) the Administrator of the Federal Emergency Management Agency, the Secretary of Labor, (b) Applicability The amendments made by subsection (a) shall apply to a major disaster declared by the President under section 401 of the Robert T. Stafford Disaster Relief and Emergency Assistance Act ( 42 U.S.C. 5170 3. Base closure HUBZones (a) In general Section 3(p)(5)(A)(i)(I) of the Small Business Act ( 15 U.S.C. 632(p)(5)(A)(i)(I) (1) in item (aa), by striking or (2) by redesignating item (bb) as item (cc); and (3) by inserting after item (aa) the following: (bb) pursuant to subparagraph (A), (B), (C), (D), or (E) of paragraph (3), that its principal office is located in a HUBZone described in paragraph (1)(E) (relating to base closure areas) (in this item referred to as the base closure HUBZone (AA) a HUBZone; (BB) the census tract in which the base closure HUBZone is wholly contained; (CC) a census tract the boundaries of which intersect the boundaries of the base closure HUBZone; or (DD) a census tract the boundaries of which are contiguous to a census tract described in subitem (BB) or (CC); or . (b) Period for base closure areas (1) Amendments (A) In general Section 152(a)(2) of title I of division K of the Consolidated Appropriations Act, 2005 ( 15 U.S.C. 632 5 years 8 years (B) Conforming amendment Section 1698(b)(2) of National Defense Authorization Act for Fiscal Year 2013 ( 15 U.S.C. 632 5 years 8 years (2) Effective date; applicability The amendments made by paragraph (1) shall— (A) take effect on the date of enactment of this Act; and (B) apply to— (i) a base closure area (as defined in section 3(p)(4)(D) of the Small Business Act ( 15 U.S.C. 632(p)(4)(D) 15 U.S.C. 632(p)(1)(E) (I) section 152(a)(2) of title I of division K of the Consolidated Appropriations Act, 2005 ( 15 U.S.C. 632 (II) section 1698(b)(2) of National Defense Authorization Act for Fiscal Year 2013 ( 15 U.S.C. 632 (ii) a base closure area relating to the closure of a military instillation under the authority described in clauses (i) through (iv) of section 3(p)(4)(D) of the Small Business Act ( 15 U.S.C. 632(p)(4)(D)

Summary: (This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.) HUBZone Revitalization Act of 2015 (Sec. 2) This bill amends the Small Business Act to redefine HUBZones (historically underutilized business Zones) eligible for certain assistance to include a qualified disaster area (a specified census tract or nonmetropolitan county located in a major declared disaster area or in an area where a catastrophic incident has occurred). A qualified disaster area shall be treated as a HUBZone for 5 years after it has been declared a major disaster area or for 10 years after a catastrophic incident has occurred within it. The Federal Emergency Management Agency shall provide the Small Business Administration with any data it needs to verify a small business's eligibility for the HUBZone small business loan program. (Sec. 3) HUBZones shall now also include areas that can be used by small businesses whose principal offices are located in base closure HUBZones, with at least 35% of their employees residing in: a HUBZone, a census tract in which the base closure HUBZone is wholly contained, a census tract that intersects the boundaries of the base closure HUBZone, or census tract contiguous with these census tracts. This bill also amends the Consolidated Appropriations Act, 2005 to extend HUBZone eligibility assistance for base closure areas from five years to eight years after their closure.