Title: To amend the Internal Revenue Code of 1986 to extend certain credits against tax related to empowerment zones.
Policy area: Taxation

Summary:
This bill amends the Internal Revenue Code, with respect to empowerment zones, to: (1) extend the termination date for empowerment zone designations to December 31, 2020, and (2) allow nominations for existing zones to be amended to provide for the new termination date.
(Empowerment zones are federally designated geographic areas where certain federal tax incentives and grants are allowed to increase investment and employment.)
The bill also extends the $400 million annual limitation for qualified zone academy bonds to 2018, 2019, and 2020. (Under current law, the limit is zero after 2016 unless provisions permitting the carryover of unused limitation apply.)

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3584 Introduced in House (IH)]

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115th CONGRESS
  1st Session
                                H. R. 3584

 To amend the Internal Revenue Code of 1986 to extend certain credits 
               against tax related to empowerment zones.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 28, 2017

 Mr. Espaillat (for himself, Mr. Serrano, Ms. Velazquez, Mr. Rogers of 
  Kentucky, and Ms. Norton) 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 certain credits 
               against tax related to empowerment zones.

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

SECTION 1. EXTENSION OF CERTAIN EMPOWERMENT ZONE TAX INCENTIVES.

    (a) In General.--Section 1391(d)(1)(A)(i) of the Internal Revenue 
Code of 1986 is amended by striking ``December 31, 2016'' and inserting 
``December 31, 2020''.
    (b) Qualified Zone Academy Bonds Limitation.--Section 54E of the 
Internal Revenue Code of 1986 is amended by striking ``and'' before 
``$400,000,000 for 2011'' and inserting ``, and $400,000,000 for 2018, 
2019, and 2020''.
    (c) Treatment of Certain Termination Dates Specified in 
Nominations.--In the case of a designation of an empowerment zone the 
nomination for which included a termination date which is 
contemporaneous with the date specified in subparagraph (A)(i) of 
section 1391(d)(1) of the Internal Revenue Code of 1986 (as in effect 
before the enactment of this Act), subparagraph (B) of such section 
shall not apply with respect to such designation if, after the date of 
the enactment of this section, the entity which made such nomination 
amends the nomination to provide for a new termination date in such 
manner as the Secretary of the Treasury (or the Secretary's designee) 
may provide.
    (d) Effective Date.--The amendment made by subsection (a) shall 
apply to taxable years beginning after December 31, 2016.
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