[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4695 Introduced in House (IH)]






108th CONGRESS
  2d Session
                                H. R. 4695

To amend the Small Business Act to extend the redesignation period for 
certain Historically Underutilized Business Zones (HUBZones) in States 
                  with persistently high unemployment.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             June 24, 2004

   Mr. Larsen of Washington introduced the following bill; which was 
              referred to the Committee on Small Business

_______________________________________________________________________

                                 A BILL


 
To amend the Small Business Act to extend the redesignation period for 
certain Historically Underutilized Business Zones (HUBZones) in States 
                  with persistently high unemployment.

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

SECTION 1. EXTENSION OF REDESIGNATION PERIOD FOR CERTAIN HISTORICALLY 
              UNDERUTILIZED BUSINESS ZONES (HUBZONES) IN STATES WITH 
              PERSISTENTLY HIGH UNEMPLOYMENT.

    Section 3(p)(4) of the Small Business Act (15 U.S.C. 632(p)(4)) is 
amended by adding at the end the following new subparagraph:
            ``(D) Additional period.--Notwithstanding the 3-year 
        limitation under subparagraph (C), a HUBZone in a redesignated 
        area under that subparagraph shall be a HUBZone for one 
        additional year for each year during the 3-year period for 
        which--
                    ``(i) the unemployment rate for the State involved 
                is higher than such rate for the year in which the 
                HUBZone was created; and
                    ``(ii) the unemployment rate for the HUBZone is at 
                least 85 percent of such rate for the year in which the 
                HUBZone was created.''.
                                 <all>