Growth Zones Opportunity Act

Bill: 113-hr-4471
Sponsor: full_name: Rep. Cohen, Steve [D-TN-9]
Introduced: 2014-04-10
Policy area: Taxation
Subjects: Business investment and capital

Capital gains tax

Financial services and investments

Income tax deductions

Income tax exclusion

Rural conditions and development

Securities

Small business

Urban and suburban affairs and development
Latest action: action_date: 2014-04-10
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2014-04-10
action_desc: Introduced in House
text: <p>Growth Zones Opportunity Act - Amends the Internal Revenue Code to extend: (1) through 2020, tax incentives for areas designated as empowerment zones; (2) through 2025, the increased exclusion from gross income of gain from the sale or exchange&nbsp;of&nbsp;the small business&nbsp;stock of empowerment zone businesses; and (3) through 2020, tax incentives for areas designated as a renewal community.</p>

tv_txt: I 113th CONGRESS 2d Session H. R. 4471 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. Short title This Act may be cited as the Growth Zones Opportunity Act . 2. Extension of empowerment zone tax incentives (a) In general Clause (i) of section 1391(d)(1)(A) of the Internal Revenue Code of 1986 is amended by striking December 31, 2013 and inserting December 31, 2020 . (b) Increased exclusion of gain on stock of empowerment zone businesses Subparagraph (C) of section 1202(a)(2) of such Code is amended— (1) by striking December 31, 2018 and inserting December 31, 2025 ; and (2) by striking 2018 in the heading and inserting 2025 . (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 amendments made by this section shall apply to periods after December 31, 2013. 3. Extension of renewal community tax incentives (a) Additional period Section 1400E(b) of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph: (3) Additional period In the case of any designation of an area as a renewal community which terminated under subparagraph (A) or (B) of paragraph (1) on December 31, 2009— (A) such designation shall be in effect for an additional period beginning on January 1, 2014 and ending on December 31, 2020, (B) sections 1400F shall be applied with respect to such area for such additional period— (i) by substituting December 31, 2013 for December 31, 2001 each place it appears, (ii) by substituting January 1, 2014 for January 1, 2002 each place it appears, (iii) by substituting January 1, 2021 for January 1, 2010 each place it appears, and (iv) by substituting December 31, 2025 for December 31, 2014 each place it appears, and (C) section 1400J shall be applied with respect to such area for such additional period— (i) by substituting December 31, 2013 for December 31, 2001 , and (ii) by substituting January 1, 2021 for January 1, 2010 . . (b) Effective date The amendment made by this section shall apply to periods after December 31, 2013.