[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[S. 1740 Introduced in Senate (IS)]







107th CONGRESS
  1st Session
                                S. 1740

 To amend the Internal Revenue Code of 1986 to allow for the expansion 
 of areas designated as renewal communities based on 2000 census data.


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                   IN THE SENATE OF THE UNITED STATES

                           November 28, 2001

  Mr. Schumer (for himself and Mrs. Clinton) 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 allow for the expansion 
 of areas designated as renewal communities based on 2000 census data.

    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.--At the 
request of the nominating entity with respect to a renewal community, 
the Secretary of Housing and Urban Development may expand the area of 
such community to include any census tract--
            ``(1) which, at the time such community was nominated, met 
        the requirements of this section for inclusion in such 
        community but for the failure of such tract to meet 1 or more 
        of the population and poverty rate requirements of this section 
        using 1990 census data, and
            ``(2) which meets all failed population and poverty rate 
        requirements of this section using 2000 census data.
Any such expansion 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.
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