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In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.

SECTION 1. RENEWAL COMMUNITY TAX INCENTIVES.

(a) In General.--Subsection (b) of section 1400E of the Internal
Revenue Code of 1986 is amended--
(1) by striking ''December 31, 2009'' in paragraphs (1)(A)
and (3) and inserting ''December 31, 2012''; and
(2) by striking ''January 1, 2010'' in paragraph (3) and
inserting ''January 1, 2013''.
(b) Zero-Percent Capital Gains Rate.--
(1) Acquisition date.--Paragraphs (2)(A)(i), (3)(A),
(4)(A)(i), and (4)(B)(i) of section 1400F(b) of such Code are
each amended by striking ''January 1, 2010'' and inserting
''January 1, 2013''.
(2) Limitation on period of gains.--Paragraph (2) of
section 1400F(c) of such Code is amended--
(A) by striking ''December 31, 2014'' and inserting
''December 31, 2017''; and
(B) by striking ''2014'' in the heading and
inserting ''2017''.
(3) Applicable rules.--Subsection (d) of section 1400F is
amended--
(A) by striking ''December 31, 2014'' the first
place it appears and inserting ''December 31, 2017'',
and
(B) by striking ''December 31, 2014'' the second
place it appears and inserting ''December 31, 2016''.
(c) Commercial Revitalization Deduction.--
(1) Extension.--
(A) In general.--Subsection (g) of section 1400I of
such Code is amended by striking ''December 31, 2009''
and inserting ''December 31, 2012''.
(B) Conforming amendment.--Subparagraph (A) of
section 1400I(d)(2) of such Code is amended by striking
''after 2001 and before 2010'' and inserting ''which
begins after 2001 and before the date referred to in
subsection (g)''.
(2) Carryforward of unallocated state commercial
revitalization expenditure ceiling.--
(A) In general.--Paragraph (1) of section 1400I(d)
of such Code is amended to read as follows:
''(1) In general.--The aggregate commercial revitalization
expenditure amount which a commercial revitalization agency may
allocate for any calendar year is the amount equal to the sum
of--
''(A) the amount of the State commercial
revitalization expenditure ceiling determined under
this paragraph for such calendar year for such agency
(determined without regard to subparagraph (B)), and
''(B) the aggregate of the unused State commercial
revitalization expenditure ceilings determined under
this paragraph for such agency for each of the 2
preceding calendar years.
For purposes of subparagraph (B), amounts of expenditure
ceiling shall be treated as allocated by an agency first from
unused amounts for the second preceding calendar year, then
from unused amounts for the 1st preceding calendar year, and
then from amounts from the current year State allocation.''.
(B) Effective date.--The amendment made by this
subsection shall apply to calendar years beginning
after the date of the enactment of this Act.
(d) Increased Expensing Under Section 179.--Subparagraph (A) of
section 1400J(b)(1) of such Code is amended by striking ''January 1,
2010'' and inserting ''January 1, 2013''.
(e) Treatment of Certain Termination Dates Specified in
Nominations.--In the case of a designation of a renewal community the
nomination for which included a termination date which is
contemporaneous with the date specified in subparagraph (A) of section
1400E(b)(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 unless, after the date of the
enactment of this section, the entity which made such nomination
reconfirms such termination date, or 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.
(f) Effective Dates.--
(1) In general.--Except as otherwise provided in this
subsection, the amendments made by this section shall apply to
periods after December 31, 2009.
(2) Acquisitions.--The amendments made by subsections
(b)(1) and (d) shall apply to acquisitions after December 31,
2009.
(3) Commercial revitalization deduction.--
(A) In general.--The amendment made by subsection
(c)(1) shall apply to buildings placed in service after
December 31, 2009.
(B) Conforming amendment.--The amendment made by
subsection (c)(2) shall apply to calendar years
beginning after December 31, 2009.
Output:
Amends the Internal Revenue Code to extend through December 31, 2012, the designation period of areas as renewal communities and tax incentives for investment in such areas, including: (1) the exclusion from gross income for income tax purposes of gain from the sale or exchange of assets (stock or business property) in such areas, (2) the tax deduction for commercial revitalization expenditures in such areas, and (3) an increased expensing allowance for the acquisition of business and investment assets in such areas.