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

Bill: 115-hr-3584
Sponsor: full_name: Rep. Espaillat, Adriano [D-NY-13]
Introduced: 2017-07-28
Policy area: Taxation
Subjects: Economic development

Educational facilities and institutions

Elementary and secondary education

Income tax credits

Securities
Latest action: action_date: 2017-07-28
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2017-07-28
action_desc: Introduced in House
text: <p>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. </p> <p>(Empowerment zones are federally designated geographic areas where certain federal tax incentives and grants are allowed to increase investment and employment.) </p> <p>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.)</p>

tv_txt: I 115th CONGRESS 1st Session H. R. 3584 IN THE HOUSE OF REPRESENTATIVES July 28, 2017 Mr. Espaillat (for himself, Mr. Serrano , Ms. Velázquez , 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.

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.