S.Amdt. 2659

SA 2659. Mr. BUNNING (for himself and Mr. Schumer) submitted an amendment intended to be proposed by him to the bill S. 1637, to amend the Internal Revenue Code of 1986 to comply with the World Trade Organization rulings on the FSC/ETI benefit in a manner that preserves jobs and production activities in the United States, to reform and simplify the international taxation rules of the United States, and for other purposes; which was ordered to lie on the table; as follows:

On page 179, after line 25, insert the following:

SEC. __. EXPANSION OF DESIGNATED RENEWAL COMMUNITY AREA BASED ON 2000 CENSUS DATA.

(a) Renewal Communities.--Section 1400E (relating to designation of renewal communities) is amended by adding at the end the following new subsection:

“(g) Expansion of Designated Areas.--

“(1) Expansion based on 2000 census.--At the request of the nominating entity with respect to a renewal community, the Secretary of Housing and Urban Development may expand the area of a renewal community to include any census tract--

“(A) which, at the time such community was nominated, met the requirements of this section for inclusion in such community but for the failure of such tract to meet 1 or more of the population and poverty rate requirements of this section using 1990 census data, and

“(B) which meets all failed population and poverty rate requirements of this section using 2000 census data.

“(2) Expansion to certain areas which do not meet population requirements.--

“(A) In general.--At the request of 1 or more local governments and the State or States in which an area described in subparagraph (B) is located, the Secretary of Housing and Urban Development may expand a designated area to include such area.

“(B) Area.--An area is described in this subparagraph if--

“(i) the area is adjacent to at least 1 other area designated as a renewal community,

“(ii) the area has a population less than the population required under subsection (c)(2)(C), and

“(iii)(I) the area meets the requirements of subparagraphs (A) and (B) of subsection (c)(2) and subparagraph (A) of subsection (c)(3), or

“(II) the area contains a population of less than 100 people.

“(3) Applicability.--Any expansion of a renewal community under this section shall take effect as provided in subsection (b).”.

(b) Effective Date.--The amendment made by this subsection shall take effect as if included in the amendments made by section 101 of the Community Renewal Tax Relief Act of 2000.

SEC. __. RENEWAL COMMUNITY EMPLOYERS MAY QUALIFY FOR EMPLOYMENT CREDIT BY EMPLOYING RESIDENTS OF CERTAIN OTHER RENEWAL COMMUNITIES.

(a) In General.--Section 1400H(b)(2) (relating to modification) is amended by striking “and” at the end of paragraph (1), by striking the period at the end of paragraph (2) and inserting “, and”, and by adding at the end the following new paragraph:

“(3) subsection (d)(1)(B) thereof shall be applied by substituting ‘such renewal community, an adjacent renewal community within the same State as such renewal community, or a renewal community within such State which is within 5 miles of any border of such renewal community' for ‘such empowerment zone'.”.

(b) Effective Date.--The amendments made by subsection (a) shall take effect as if included in the amendment made by section 101(a) of the Community Renewal Tax Relief Act of 2000.