To amend the Internal Revenue Code of 1986 to allow employers in renewal communities to qualify for the renewal community employment credit by employing residents of certain other renewal communities.
What it does: Adds SEC. ____. RENEWAL COMMUNITY EMPLOYERS MAY QUALIFY FOR EMPLOYMENT CREDIT BY EMPLOYING RESIDENTS OF CERTAIN OTHER RENEWAL COMMUNITIES at the end of subtitle C of title V
Sen. Mary L. Landrieu (D-LA)What it changes
1 change to S. 1054 · shown in the bill's text
Adds SEC. ____. RENEWAL COMMUNITY EMPLOYERS MAY QUALIFY FOR EMPLOYMENT CREDIT BY EMPLOYING RESIDENTS OF CERTAIN OTHER RENEWAL COMMUNITIES at the end of subtitle C of title V
Adds a sectionIn S. 1054 · Placed on Calendar Senate
(c) Effective Date.--The amendments made by this section shall apply to amounts paid or accrued after the date of enactment of this section in taxable years ending after such date.
Inserted: SEC. ____. RENEWAL COMMUNITY EMPLOYERS MAY QUALIFY FOR EMPLOYMENT CREDIT BY EMPLOYING RESIDENTS OF CERTAIN OTHER RENEWAL COMMUNITIES.
Inserted: (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:
Inserted: "(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'.".
Inserted: (b) Reduction of Acceleration of Top Rate Reduction In Individual Income Tax Rates.--Notwithstanding the amendment made by section 102(a) of this Act, in lieu of the percent specified in the last column of the table in paragraph (2) of section 1(i) of the Internal Revenue Code of 1986, as amended by such section 102(a), for taxable years beginning during calendar year 2003, 35.1% shall be substituted for such year.
Inserted: (c) Effective Dates.--
Inserted: (1) 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.
Inserted: (2) Subsection (b) shall take effect on the date of enactment of this Act.
Original wording
At the end of subtitle C of title V add the following:
Read automatically from the Congressional Record. Check the original before relying on it.
As printed
SA 621. Ms. LANDRIEU proposed an amendment to the bill S. 1054, to provide for reconciliation pursuant to section 201 of the concurrent resolution on the budget for fiscal year 2004; as follows:
At the end of subtitle C of title V add the following:
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) Reduction of Acceleration of Top Rate Reduction In Individual Income Tax Rates.--Notwithstanding the amendment made by section 102(a) of this Act, in lieu of the percent specified in the last column of the table in paragraph (2) of section 1(i) of the Internal Revenue Code of 1986, as amended by such section 102(a), for taxable years beginning during calendar year 2003, 35.1% shall be substituted for such year.
(c) Effective Dates.--
(1) 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.
(2) Subsection (b) shall take effect on the date of enactment of this Act.
Legislative Activity
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Considered by Senate. (consideration: CR S6426)
May 15, 2003
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Considered by Senate. (consideration: CR S6426)
May 15, 2003
Proposed amendment SA 621 withdrawn in Senate.
May 15, 2003
Senate amendment submitted
May 14, 2003
Senate amendment proposed (on the floor): Amendment SA 621 proposed by Senator Landrieu.(consideration: CR S6239; text: CR S6239)
May 14, 2003
Amendment SA 621 proposed by Senator Landrieu. (consideration: CR S6239; text: CR S6239) To amend the Internal Revenue Code of 1986 to allow employers in renewal communities to qualify for the renewal community employment credit by employing residents of certain other renewal communities.
May 14, 2003