[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[S. 3176 Introduced in Senate (IS)]







107th CONGRESS
  2d Session
                                S. 3176

   To amend the Internal Revenue Code of 1986 to allow employers in 
  renewal communities to qualify for the renewal community employment 
  credit by employing residents of certain other renewal communities.


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                   IN THE SENATE OF THE UNITED STATES

                           November 19, 2002

  Ms. Landrieu (for herself and Mr. Breaux) 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 employers in 
  renewal communities to qualify for the renewal community employment 
  credit by employing 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. SHORT TITLE.

    This Act may be cited as the ``Renewal Community Tax Benefit 
Improvement Act''.

SEC. 2. RENEWAL COMMUNITY EMPLOYERS MAY QUALIFY FOR EMPLOYMENT CREDIT 
              BY EMPLOYING RESIDENTS OF CERTAIN OTHER RENEWAL 
              COMMUNITIES.

    (a) In General.--Section 1400H(b)(2) of the Internal Revenue Code 
of 1986 (relating to modification) is amended by striking ``and'' at 
the end of paragraph (1), by striking the period at the end of 
paragraph (2) and inserting ``, and'', and by adding at the end the 
following new paragraph:
            ``(3) subsection (d)(1)(B) thereof shall be applied by 
        substituting `such renewal community, an adjacent renewal 
        community within the same State as such renewal community, or a 
        renewal community within such State which is within 5 miles of 
        any border of such renewal community' for `such renewal 
        community'.''.
    (b) Effective Date.--The amendments made by this section shall take 
effect as if included in the amendment made by section 101(a) of the 
Community Renewal Tax Relief Act of 2000.
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