Teacher:In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
Teacher: Now, understand the problem? Solve this instance: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Bringing Business Back Act of
2016''.

SEC. 2. EXCLUSION FOR INCOME ATTRIBUTABLE TO CERTAIN REAL PROPERTY.

(a) In General.--Part III of subchapter B of chapter 1 of the
Internal Revenue Code of 1986 is amended by inserting after section
139F the following new section:

''SEC. 139G. INCOME ATTRIBUTABLE TO QUALIFIED REAL PROPERTY EXCLUDED
FROM GROSS INCOME.

''(a) In General.--Gross income shall not include income or gain
attributable to qualified real property for any taxable year beginning
during the exclusion period.
''(b) Qualified Real Property.--For purposes of this section--
''(1) In general.--
''(A) Definition.--The term 'qualified real
property' means any real property--
''(i) which is certified by the State or
local zoning authority, and any economic
development board, with respect to such
property as meeting the requirements of
subparagraph (B), and
''(ii) with respect to which an election
has been made (at such time and in such form
and manner as the Secretary shall by regulation
prescribe) to have this section apply.
''(B) Requirements.--Property meets the
requirements of this subparagraph if such property--
''(i) is zoned for commercial use,
''(ii) has been undeveloped and vacant
during the 2-year period ending on the date of
certification, and
''(iii) is located within a qualified
census tract.
''(2) Qualified census tract.--The term 'qualified census
tract' means--
''(A) any census tract--
''(i) which--
''(I) has an average poverty rate
exceeding the national average poverty
rate, or
''(II) has an unemployment rate
above the national unemployment rate,
and
''(ii) exhibits another condition of
distress, such as deteriorating infrastructure
or population decline, or
''(B) any qualified rural census tract.
''(3) Qualified rural census tract.--The term 'qualified
rural census tract' means any census tract--
''(A) which is located in a rural community,
''(B) which has an unemployment rate of not less
than 6 percent, and
''(C) in which not less than 50 percent of the
houses were constructed before 1980.
''(4) Rules relating to poverty and unemployment rates.--
For purposes of paragraphs (2) and (3), poverty rates shall be
determined by using 2010 census data, and unemployment rates
shall be determined by reference to the rate of unemployment
announced by the Bureau of Labor Statistics of the Department
of Labor for the months in the two most recently ended calendar
quarters.
''(5) Economic development board.--The term 'economic
development board' means, with respect to any property, any
entity established by law to oversee the economic development
of an area within which such property is located.
''(c) Exclusion Period.--The term 'exclusion period' means, with
respect to a taxable year, the 1-taxable-year period beginning with the
first taxable year beginning after the date of the enactment of this
section for which the income attributable to the qualified real
property exceeds the pre-depreciation expenses attributable to such
real property.
''(d) Special Rules.--For purposes of this section--
''(1) Subsequent taxpayers.--Subsection (a) shall only
apply to a taxpayer who has an ownership interest in the
qualified real property on the first day of the exclusion
period with respect to such property.
''(2) Limitation on application of section.--An election to
have this section apply may only be made once with respect to
any property.
''(3) Tax-exempt use property.--This section shall not
apply to any property which is tax-exempt use property (as
defined in section 168(h)).
''(e) Regulations.--The Secretary may prescribe such regulations as
may be necessary or appropriate to carry out the purposes of this
section, including methods for allocating income and expenses to
property and rules to prevent abuse of this section.''.
(b) Clerical Amendment.--The table of parts for part III of
subchapter B of chapter 1 of such Code is amended by inserting after
the item relating to section 139F the following new item:

''Sec. 139G. Income attributable to qualified real property excluded
from gross income.''.
(c) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after the date of the enactment of
this Act.
Student:
Bringing Business Back Act of 2016 This bill amends the Internal Revenue Code to allow income or gain attributable to certain real property to be excluded from gross income for a one-year period in which the income attributable to the real property exceeds the pre-depreciation expenses attributable to the property. The exclusion applies to real property that has been certified by the state or local zoning authority and any economic development board as: (1) zoned for commercial use, (2) undeveloped and vacant during the two-year period ending on the date of certification, and (3) located within a qualified census tract. A "qualified census tract" is any census tract that: (1) has an average poverty rate exceeding the national average poverty rate or an unemployment rate above the national unemployment rate; and (2) exhibits another condition of distress, such as deteriorating infrastructure or population decline. A census tract is also qualified if it is located in a rural community that: (1) has an unemployment rate of at least 6%, and (2) in which at least 50% of the houses were constructed before 1980.