To require the timely identification of qualified census tracts for purposes of the HUBZone program, and for other purposes.

1. Adds SEC. __. DESIGNATION OF QUALIFIED CENSUS TRACTS wherever appropriate

   Adds a section

   Inserted: SEC. __. DESIGNATION OF QUALIFIED CENSUS TRACTS.

   Inserted: (a) Designation.--

   Inserted: (1) Identification of hubzone qualified census tracts.--Not later than 2 months after the date on which the Secretary of Housing and Urban Development receives from the Census Bureau the data obtained from each decennial census relating to census tracts necessary for such identification, the Secretary of Housing and Urban Development shall identify and publish the list of census tracts that meet the requirements of section 42(d)(5)(B)(ii) of the Internal Revenue Code of 1986.

   Inserted: (2) Specification of effective dates of designation.--

   Inserted: (A) Hubzone effective date.--The Secretary of Housing and Urban Development, after consultation with the Administrator of the Small Business Administration, shall designate a date that is not later than 3 months after the publication of the list of qualified census tracts under paragraph (1) upon which the list published under paragraph (1) becomes effective for areas that qualify as HUBZones under section 3(p)(1)(A) of the Small Business Act (15 U.S.C. 632(p)(1)(A)).

   Inserted: (B) Section 42 effective date.--The Secretary of Housing and Urban Development shall designate a date, which may differ from the HUBZone effective date under subparagraph (A), upon which the list of qualified census tracts published under paragraph (1) shall become effective for purposes of section 42(d)(5)(B)(ii) of the Internal Revenue Code of 1986.

   Inserted: (3) Rule of construction.--Nothing in this subsection may be construed to affect the method used by the Secretary of Housing and Urban Development to designate census tracts as qualified census tracts in a year in which the Secretary of Housing and Urban Development receives no data from the Census Bureau relating to census tract boundaries.

   Inserted: (b) Report.--Not later than 1 year after the date of enactment of this Act, the Administrator of the Small Business Administration shall submit to the Committee on Small Business and Entrepreneurship of the Senate and the Committee on Small Business of the House of Representatives a report that--

   Inserted: (1) describes the benefits and drawbacks of using qualified census tract data to designate HUBZones under section 3(p) of the Small Business Act (15 U.S.C. 632(p));

   Inserted: (2) describes any problems encountered by the Administrator in using qualified census tract data to designate HUBZones; and

   Inserted: (3) includes recommendations, if any, for ways to improve the process of designating HUBZones.

   The amendment doesn't say where this goes; the clerk decides.

   Original wording

   At the appropriate place, insert the following:

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As printed