I 
111TH CONGRESS 
2D SESSION 
H. R. 6041 
To amend the Internal Revenue Code of 1986 to exclude income attributable 
to certain empowerment zone real property from gross income. 
IN THE HOUSE OF REPRESENTATIVES 
JULY 30, 2010 
Mr. KIRK 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 exclude 
income attributable to certain empowerment zone real 
property from gross income. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Bringing Business 
Back Act of 2010’’. 
SEC. 2. INCENTIVES FOR CERTAIN EMPOWERMENT ZONE 
REAL PROPERTY. 
(a) IN GENERAL.—Subchapter U of chapter 1 of the 
Internal Revenue Code of 1986 is amended by redesig-
nating part V as part VI, by redesignating section 1397F 
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as section 1397G, and by inserting after part IV the fol-
lowing new part: 
‘‘PART V—INCENTIVE FOR EMPOWERMENT ZONE 
REAL PROPERTY 
‘‘SEC. 1397F. INCOME ATTRIBUTABLE TO EMPOWERMENT 
ZONE REAL PROPERTY EXCLUDED FROM 
GROSS INCOME. 
‘‘(a) IN GENERAL.—Gross income shall not include 
income or gain attributable to qualified real property for 
any taxable year beginning during the exclusion period. 
‘‘(b) DEFINITIONS.—For purposes of this section— 
‘‘(1) QUALIFIED REAL PROPERTY.— 
‘‘(A) IN
GENERAL.—The term ‘qualified 
real property’ means any real property— 
‘‘(i) which is certified by the State or 
local zoning authority, and any economic 
development board, with respect to such 
property as meeting the requirements of 
subparagraph (B), and 
‘‘(ii) with respect to which an election 
has been made (at such time and in such 
form and manner as the Secretary shall by 
regulation prescribe) to have this section 
apply. 
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‘‘(B) 
REQUIREMENTS.—Property 
meets 
the requirements of this subparagraph if such 
property— 
‘‘(i) is zoned for commercial use, 
‘‘(ii) has been undeveloped and vacant 
during the 2-year period ending on the 
date of certification, and 
‘‘(iii) is located within a qualified cen-
sus tract. 
‘‘(C) QUALIFIED
CENSUS
TRACT.—The 
term ‘qualified census tract’ means any census 
tract which— 
‘‘(i)(I) has an average poverty rate ex-
ceeding the national average poverty rate, 
or 
‘‘(II) has an unemployment rate above 
the national unemployment rate, and 
‘‘(ii) exhibits another condition of dis-
tress, such as high crime, deteriorating in-
frastructure, or population decline. 
Poverty rates shall be determined by using 
2010 census data, and unemployment rates 
shall be determined by reference to the rate of 
unemployment announced by the Bureau of 
Labor Statistics of the Department of Labor 
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for the months in the 2 most recently ended 
calendar quarters. 
‘‘(D) ECONOMIC DEVELOPMENT BOARD.— 
The term ‘economic development board’ means, 
with respect to any property, any entity estab-
lished by law to oversee the economic develop-
ment of an area within which such property is 
located. 
‘‘(2) EXCLUSION PERIOD.—The term ‘exclusion 
period’ means, with respect to a taxable year, the 10 
taxable year period beginning with the first taxable 
year beginning after the date of the enactment of 
this section for which the income attributable to the 
qualified real property exceeds the pre-depreciation 
expenses attributable to such real property. 
‘‘(c) SPECIAL RULES.—For purposes of this sec-
tion— 
‘‘(1) SUBSEQUENT TAXPAYERS.—Subsection (a) 
shall only apply to a taxpayer who has an ownership 
interest in the qualified real property on the first 
day of the exclusion period with respect to such 
property. 
‘‘(2) LIMITATION
ON
APPLICATION
OF
SEC-
TION.—An election to have this section apply may 
only be made once with respect to any property. 
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‘‘(3) TAX-EXEMPT USE PROPERTY.—This sec-
tion shall not apply to any property which is tax-ex-
empt use property (as defined in section 168(h)). 
‘‘(d) REGULATIONS.—The Secretary may prescribe 
such regulations as may be necessary or appropriate to 
carry out the purposes of this section, including methods 
for allocating income and expenses to property and rules 
to prevent abuse of this section.’’. 
(b) CLERICAL AMENDMENT.—The table of parts for 
subchapter U of chapter 1 of such Code is amended by 
striking the item relating to part V and inserting the fol-
lowing new items: 
‘‘PART V. INCENTIVE FOR EMPOWERMENT ZONE REAL PROPERTY. 
‘‘PART VI. REGULATIONS.’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply to taxable years beginning after 
the date of the enactment of this Act. 
Æ 
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