[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5567 Introduced in House (IH)]







107th CONGRESS
  2d Session
                                H. R. 5567

 To amend the Internal Revenue Code to modify eligibility criteria for 
                 certain empowerment zone designations.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            October 7, 2002

Mr. Watts of Oklahoma (for himself, Mr. Istook, Mr. Engel, Mrs. Lowey, 
 and Mr. Snyder) introduced the following bill; which was referred to 
                    the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
 To amend the Internal Revenue Code to modify eligibility criteria for 
                 certain empowerment zone designations.

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

SECTION 1. REDUCTION OF POVERTY CRITERIA IN CENTRAL BUSINESS DISTRICTS.

    (a) In general.--Section 1392 of the Internal Revenue Code of 1986 
(relating to eligibility criteria) is amended by adding at the end the 
following new subsection:
    ``(e) Special rule for certain central business districts.--
            ``(1) In general.--In the case of an empowerment zone to 
        which this subsection applies, in lieu of subsection (a)(3)(D), 
        such empowerment zone may include any portion of a central 
        business district if the poverty rate for each population 
        census tract in such district is not less than 25 percent.
            ``(2) Empowerment zones.--This subsection applies to the 
        empowerment zones in Pulaski County, Arkansas; Oklahoma City, 
        Oklahoma; and Yonkers, New York.''.
    (b) Effective Date.--The amendment made by this section shall apply 
to the empowerment zones listed in section 1392(e)(2) of the Internal 
Revenue Code of 1986 (as added by this section) and shall take effect 
with respect to each such empowerment zone as of the effective date of 
the designation of such zone by the Secretary of Housing and Urban 
Development.

SEC. 2. MODIFICATION OF BOUNDARY OF OKLAHOMA CITY EMPOWERMENT ZONE.

    (a) In General.--The Oklahoma City empowerment zone shall include, 
in addition to the area designated as of October 1, 2002, the area 
described in subsection (b), notwithstanding the size requirement of 
section 1392(a)(3)(A) of the Internal Revenue Code of 1986 and the 
population requirements of section 1392(a)(1) of such Code.
    (b) Area Described.--The area described in this subsection is the 
area in Oklahoma City, Oklahoma, bounded by Martin Luther King Avenue 
on the West, Northeast 36th Street on the North, Bryant Avenue on the 
East, and Northeast 23d Street on the South.
    (c) Effective Date.--Subsection (a) shall take effect as of the 
effective date of the designation of the Oklahoma City empowerment zone 
by the Secretary of Housing and Urban Development.
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