[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. 903 Introduced in Senate (IS)]
108th CONGRESS
1st Session
S. 903
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.
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IN THE SENATE OF THE UNITED STATES
April 11, 2003
Ms. Landrieu introduced the following bill; which was read twice and
referred to the Committee on Finance
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A BILL
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.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Renewal Community Employment Credit
Improvement Act''.
SEC. 2. RENEWAL COMMUNITY EMPLOYERS MAY QUALIFY FOR EMPLOYMENT CREDIT
BY EMPLOYING RESIDENTS OF CERTAIN OTHER RENEWAL
COMMUNITIES.
(a) In General.--Section 1400H(b)(2) of the Internal Revenue Code
of 1986 (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 this section shall take
effect as if included in the amendment made by section 101(a) of the
Community Renewal Tax Relief Act of 2000.
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