[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[S. 1540 Introduced in Senate (IS)]







106th CONGRESS
  1st Session
                                S. 1540

 To amend the Internal Revenue Code of 1986 to correct the inadvertent 
 failure in the Taxpayer Relief Act of 1997 to apply the exception for 
     developable sites to Round I Empowerment Zones and Enterprise 
                              Communities.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             August 5, 1999

  Mr. Johnson introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to correct the inadvertent 
 failure in the Taxpayer Relief Act of 1997 to apply the exception for 
     developable sites to Round I Empowerment Zones and Enterprise 
                              Communities.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. APPLICATION OF DEVELOPABLE SITE OPPORTUNITIES TO ROUND I 
              EMPOWERMENT ZONES AND ENTERPRISE COMMUNITIES.

    (a) In General.--Section 1392(a)(4) of the Internal Revenue Code of 
1986 (relating to poverty rate) is amended--
            (1) by redesignating subparagraphs (A), (B), and (C) as 
        clauses (i), (ii), and (iii), respectively,
            (2) by striking ``The poverty rate--'' and inserting the 
        following:
                    ``(A) In general.--The poverty rate--'', and
            (3) by adding at the end the following:
                    ``(B) Exception for developable sites.--
                Subparagraph (A) shall not apply to up to 3 
                noncontiguous parcels in a nominated area which may be 
                developed for commercial or industrial purposes. The 
                aggregate area of noncontiguous parcels to which the 
                preceding sentence applies with respect to any 
                nominated area shall not exceed 2,000 acres.''
    (b) Conforming Amendments.--Section 1391(g)(3)(A) of the Internal 
Revenue Code of 1986 is amended by striking clause (iii) and by 
redesignating clauses (iv) and (v) as clauses (iii) and (iv), 
respectively.
    (c) Effective Date.--The amendments made by this section shall take 
effect with respect to designations made before, on, and after the date 
of the enactment of this Act.
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