[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4193 Referred in Senate (RFS)]
2d Session
H. R. 4193
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
May 18, 2004
Received; read twice and referred to the Committee on Finance
_______________________________________________________________________
AN ACT
To amend the Internal Revenue Code of 1986 to allow for the expansion
of areas designated as renewal communities based on 2000 census data
and to treat certain census tracts with low populations as low-income
communities for purposes of the new markets tax credit.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. EXPANSION OF DESIGNATED RENEWAL COMMUNITY AREA BASED ON 2000
CENSUS DATA.
(a) In General.--Section 1400E of the Internal Revenue Code of 1986
(relating to designation of renewal communities) is amended by adding
at the end the following new subsection:
``(g) Expansion of Designated Area Based on 2000 Census.--
``(1) In general.--At the request of all governments which
nominated an area as a renewal community, the Secretary of
Housing and Urban Development may expand the area of such
community to include any census tract if--
``(A)(i) at the time such community was nominated,
such community would have met the requirements of this
section using 1990 census data even if such tract had
been included in such community, and
``(ii) such tract has a poverty rate using 2000
census data which exceeds the poverty rate for such
tract using 1990 census data, or
``(B)(i) such community would be described in
subparagraph (A)(i) but for the failure to meet one or
more of the requirements of paragraphs (2)(C)(i),
(3)(C), and (3)(D) of subsection (c) using 1990 census
data,
``(ii) such community, including such tract, has a
population of not more than 200,000 using either 1990
census data or 2000 census data,
``(iii) such tract meets the requirement of
subsection (c)(3)(C) using 2000 census data, and
``(iv) such tract meets the requirement of
subparagraph (A)(ii).
``(2) Exception for certain census tracts with low
population in 1990.--In the case of any census tract which did
not have a poverty rate determined by the Bureau of the Census
using 1990 census data, paragraph (1)(B) shall be applied
without regard to clause (iv) thereof.
``(3) Special rule for certain census tracts with low
population in 2000.--At the request of all governments which
nominated an area as a renewal community, the Secretary of
Housing and Urban Development may expand the area of such
community to include any census tract if--
``(A) either--
``(i) such tract has no population using
2000 census data, or
``(ii) no poverty rate for such tract is
determined by the Bureau of the Census using
2000 census data,
``(B) such tract is one of general distress, and
``(C) such community, including such tract, meets
the requirements of subparagraphs (A) and (B) of
subsection (c)(2).
``(4) Period in effect.--Any expansion under this
subsection shall take effect as provided in subsection (b).''.
(b) Effective Date.--The amendment made by subsection (a) shall
take effect as if included in the amendments made by section 101 of the
Community Renewal Tax Relief Act of 2000.
SEC. 2. POPULATION CENSUS TRACTS WITH LOW POPULATIONS TREATED AS LOW-
INCOME COMMUNITIES FOR PURPOSES OF NEW MARKETS TAX
CREDIT.
(a) In General.--Subsection (e) of section 45D of the Internal
Revenue Code of 1986 (relating to low-income community) is amended by
adding at the end the following new paragraph:
``(4) Tracts with low population.--A population census
tract with a population of less than 2,000 shall be treated as
a low-income community for purposes of this section if such
tract--
``(A) is within an empowerment zone, the
designation of which is in effect under section 1391,
and
``(B) is contiguous to one or more low-income
communities (determined without regard to this
paragraph).''.
(b) Effective Date.--The amendment made by this section shall apply
to investments made after the date of the enactment of this Act.
Passed the House of Representatives May 17, 2004.
Attest:
JEFF TRANDAHL,
Clerk.