H.R. 3478

To amend the Internal Revenue Code of 1986 to extend bond authority for those empowerment and enterprise zones with unused bond limitation at the end of 2011.

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I

112th CONGRESS

1st Session

H. R. 3478

IN THE HOUSE OF REPRESENTATIVES

November 18, 2011

Mr. Gonzalez introduced the following bill; which was referred to the Committee on Ways and Means

A BILL

To amend the Internal Revenue Code of 1986 to extend bond authority for those empowerment and enterprise zones with unused bond limitation at the end of 2011.

1.

Extension of bond authority for empowerment and enterprise zones with unused bond limitation

(a)

Empowerment Zones With Unused Bond Limitation

Section 1394 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection:

(g)

Special rule relating to termination of empowerment zone

Notwithstanding section 1391(d)(1)(A), in the case of any empowerment zone with respect to which there is unused limitation under subsection (c)(1)(A) or (f)(2)(B) on December 31, 2011, this section shall be effective and apply to any bond issued before January 1, 2013.

.

(b)

District of Columbia Enterprise Zone

Subsection (b) of section 1400A of such Code is amended by inserting before the period the following: , except as provided by section 1394(g).

(c)

Effective date

The amendments made by subsection (a) shall apply to bonds issued on or after December 31, 2011.