Revitalize Our Cities Act

Bill: 114-hr-5498
Sponsor: full_name: Rep. McNerney, Jerry [D-CA-9]
Introduced: 2016-06-16
Policy area: Taxation
Subjects: Business investment and capital

Economic performance and conditions

Employee hiring

Housing finance and home ownership

Income tax credits

Income tax deductions

Income tax exclusion

Securities

Unemployment

Urban and suburban affairs and development

Wages and earnings
Latest action: action_date: 2016-06-16
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2016-06-16
action_desc: Introduced in House
text: <p><b>Revitalize Our Cities Act</b></p> <p>This bill amends the Internal Revenue Code to extend through 2019 the period for designating an empowerment zone (an area in which tax incentives are allowed to increase investment and employment). </p> <p>The Department of Housing and Urban Development may designate, prior to January 1, 2018, 20 additional empowerment zones in urban areas in which the average unemployment rate and the average rate of residential and commercial foreclosures are each higher than that of the state within which the area is located for the period beginning January 1, 2012, and ending with the date of enactment of this bill. </p>

tv_txt: I 114th CONGRESS 2d Session H. R. 5498 IN THE HOUSE OF REPRESENTATIVES June 16, 2016 Mr. McNerney 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 authorize new empowerment zone designations for urban areas with high unemployment and high foreclosure rates, and for other purposes.

1. Short title This Act may be cited as the Revitalize Our Cities Act . 2. Three-year extension and new empowerment zone designations for high unemployment and foreclosure areas (a) Extension Clause (i) of section 1391(d)(1)(A) of the Internal Revenue Code of 1986 is amended by striking December 31, 2016 and inserting December 31, 2019 . (b) Additional designations Section 1391 of such Code is amended by adding at the end the following new subsection: (i) Additional designations permitted (1) In general In addition to the areas designated under subsections (a), (g), and (h), the appropriate Secretaries may designate an additional 20 nominated areas as empowerment zones under this section, subject to the availability of eligible nominated areas. Such zones shall be designated in urban areas. (2) Period designations may be made and take effect A designation may be made under this subsection after the date of the enactment of this subsection and before January 1, 2018. (3) Modifications to eligibility criteria (A) Unemployment and foreclosure A nominated area shall be eligible for designation under this subsection only if the average unemployment rate and the average rate of residential and commercial foreclosures in the area are each higher than that of the State within which the area is located for the period beginning January 1, 2012, and ending with the date of the enactment of this subsection. (B) Population Subparagraph (A) of section 1392(a)(1) shall be applied without regard to clause (ii) thereof. . (c) Effective date The amendments made by this section shall take effect on the date of the enactment of this Act.