[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[S. 2837 Introduced in Senate (IS)]







107th CONGRESS
  2d Session
                                S. 2837

   To amend the Internal Revenue Code of 1986 to allow businesses to 
   qualify as renewal community businesses if such businesses employ 
            residents of certain other renewal communities.


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                   IN THE SENATE OF THE UNITED STATES

                             August 1, 2002

 Ms. Landrieu 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 businesses to 
   qualify as renewal community businesses if such businesses employ 
            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. RENEWAL COMMUNITY BUSINESSES MAY QUALIFY BY EMPLOYING 
              RESIDENTS OF CERTAIN OTHER RENEWAL COMMUNITIES.

    (a) In General.--Section 1400G of the Internal Revenue Code of 1986 
(defining renewal community businesses) is amended by inserting ``and 
if section 1397C(b)(6) or 1397C(c)(5), as the case may be, was applied 
by substituting `a renewal community, an adjacent renewal community, or 
the next closest renewal community' for `a renewal community''' after 
``such section''.
    (b) Effective Date.--The amendment made by this section shall take 
effect on the date of the enactment of this Act.
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