[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[S. 1627 Introduced in Senate (IS)]







110th CONGRESS
  1st Session
                                S. 1627

  To amend the Internal Revenue Code of 1986 to extend and expand the 
  benefits for businesses operating in empowerment zones, enterprise 
      communities, or renewal communities, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             June 14, 2007

   Mrs. Lincoln (for herself, Ms. Snowe, Ms. Landrieu, Mr. Lott, Mr. 
 Schumer, Mr. Vitter, Mr. Rockefeller, Ms. Collins, Mrs. Clinton, and 
  Mr. Inhofe) 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 extend and expand the 
  benefits for businesses operating in empowerment zones, enterprise 
      communities, or renewal communities, and for other purposes.

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

SECTION 1. SHORT TITLE.

    (a) Short Title.--This Act may be cited as the ``Empowerment Zone 
and Renewal Community Enhancement Act of 2007''.
    (b) Amendment of 1986 Code.--Except as otherwise expressly 
provided, whenever in this Act an amendment or repeal is expressed in 
terms of an amendment to, or repeal of, a section or other provision, 
the reference shall be considered to be made to a section or other 
provision of the Internal Revenue Code of 1986.

SEC. 2. EXTENSION OF BENEFITS.

    (a) Empowerment Zones.--
            (1) Rounds i and ii designations.--Section 1391(d)(1) is 
        amended--
                    (A) by striking ``December 31, 2009'' in 
                subparagraph (A)(i) and inserting ``December 31, 
                2015'', and
                    (B) by adding at the end the following new flush 
                sentence:
        ``For purposes of section 1396, subparagraph (A) shall be 
        applied by substituting `December 31, 2009' for `December 31, 
        2015' in the case of designations made under subsection (a).''.
            (2) Round iii designations.--Section 1391(h)(2) is amended 
        by striking ``December 31, 2009'' and inserting ``December 31, 
        2015''.
    (b) Rural Enterprise Communities.--Section 1391(d)(1)(A) is amended 
by striking clause (ii) and inserting the following new clauses:
                    ``(ii) in the case of an enterprise community 
                designated in an urban area, the close of the 10th 
                calendar year beginning on or after such date of 
                designation, or
                    ``(iii) in the case of an enterprise community 
                designated in a rural area, December 31, 2015,''.
    (c) Renewal Communities.--
            (1) Sections 1400E(b) and 1400I(g) are each amended by 
        striking ``December 31, 2009'' and inserting ``December 31, 
        2015''.
            (2) Sections 1400E(b)(3), 1400F(b), and 1400J(b) are each 
        amended by striking ``January 1, 2010'' and inserting ``January 
        1, 2016''.
            (3) Section 1400F(d) is amended--
                    (A) by striking ``December 31, 2010'' and inserting 
                ``December 31, 2016'', and
                    (B) by striking ``December 31, 2014'' and inserting 
                ``December 31, 2020''.
            (4) Section 1400I(d)(2)(A) is amended by striking ``2010'' 
        and inserting ``2016''.

SEC. 3. REVISION OF BENEFITS.

    (a) Safe Harbor for Meeting Requirement That 35 Percent of 
Employees Be Residents of Zone.--
            (1) In general.--Section 1397C (defining enterprise zone 
        business) is amended by adding at the end the following new 
        subsection:
    ``(g) Additional Safe Harbor for Meeting Requirement That 35 
Percent of Employees Be Residents of Zone.--The requirements of 
subsections (b)(6) and (c)(5) shall not fail to be treated as met for 
any period with respect to a qualified business if--
            ``(1) as of the date of issuance of an issue, the date 
        property is placed in service, or the date of the sale of an 
        asset, it is reasonably expected that within 3 years after such 
        date the business will increase employment by at least the 
        lesser of--
                    ``(A) in the case of--
                            ``(i) a business located in a renewal 
                        community or in a rural area (as defined in 
                        section 1393(a)(2)) in an empowerment zone or 
                        enterprise community, 500 full-time employees, 
                        or
                            ``(ii) a business located outside a rural 
                        area (as so defined) in an empowerment zone or 
                        enterprise community, 1,000 full-time 
                        employees, or
                    ``(B) 10 percent of the number of full-time 
                employees estimated to have been employed in such zone 
                or community on the date of its designation,
            ``(2) as of the date of issuance of the issue, it is 
        reasonably expected that as a result of the bonds the business 
        will increase employment by at least one job for each $150,000 
        in face amount of the issue,
            ``(3) at any time within 3 years after the date of the 
        issuance of an issue, the date property is placed in service, 
        or the date of the sale of an asset, the requirements of such 
        subsections are met, or
            ``(4) the business enters into a binding agreement with the 
        appropriate local government employment agency to apply a first 
        source rule to advertise and prioritize employment 
        opportunities with such business for qualified residents of 
        such zone or community.''.
            (2) Effective date.--The amendment made by this subsection 
        shall take effect on the date of the enactment of this Act, 
        except that in the case of obligations which are outstanding on 
        such date, such date shall be deemed the date of issuance for 
        such obligations.
    (b) Eligibility of Businesses Developing or Holding Intangibles.--
            (1) In general.--Paragraph (4) of section 1397C(d) is 
        amended by inserting before the period ``unless the intangibles 
        are developed within the empowerment zone''.
            (2) Effective date.--The amendment made by this subsection 
        shall apply to taxable years beginning after the date of the 
        enactment of this Act.
    (c) Reduced Wage Credit Allowable for Zone Residents Employed 
Outside the Zone; Employees Need Not Be Residents of Zone in Which 
Employed.--
            (1) In general.--Subsection (b) of section 1396 is amended 
        to read as follows:
    ``(b) Applicable Percentage.--
            ``(1) Qualified zone employees who perform substantially 
        all of their services in an empowerment zone.--The applicable 
        percentage is 20 percent with respect to qualified zone 
        employees who would meet the requirement of subsection (d)(1) 
        if only services performed within an empowerment zone were 
        taken into account.
            ``(2) Other qualified zone employees.--
                    ``(A) In general.--The applicable percentage is--
                            ``(i) 20 percent in the case of designated 
                        qualified zone employees of employers which are 
                        enterprise zone businesses, and
                            ``(ii) 10 percent in the case of any other 
                        designated qualified zone employee.
                    ``(B) Limitations on number of designated 
                employees.--
                            ``(i) In general.--For purposes of 
                        subparagraph (A), the term `designated 
                        qualified zone employee' means a qualified zone 
                        employee--
                                    ``(I) to whom paragraph (1) does 
                                not apply, and
                                    ``(II) who is designated under this 
                                subparagraph.
                            ``(ii) Manner of designations.--
                        Designations under this subparagraph shall be 
                        made by the local government or governments 
                        which nominated the area to be an empowerment 
                        zone.
                            ``(iii) Limitation on designations.--The 
                        number of employees for whom a designation 
                        under this subparagraph is in effect at any one 
                        time with respect to each empowerment zone 
                        shall not exceed--
                                    ``(I) 500 for purposes of 
                                subparagraph (A)(i), and
                                    ``(II) 2,000 for purposes of 
                                subparagraph (A)(ii).''.
            (2) Qualified zone employee.--Paragraph (1) of section 
        1396(d) is amended--
                    (A) by striking ``within an empowerment zone'' in 
                subparagraph (A), and
                    (B) by striking ``such empowerment zone'' in 
                subparagraph (B) and inserting ``an empowerment zone''.
            (3) Effective date.--The amendments made by this subsection 
        shall apply to taxable years beginning after the date of the 
        enactment of this Act.
    (d) Carryforward of Unallocated State Commercial Revitalization 
Expenditure Ceiling.--
            (1) In general.--Paragraph (1) of section 1400I(d) is 
        amended to read as follows:
            ``(1) In general.--The aggregate commercial revitalization 
        expenditure amount which a commercial revitalization agency may 
        allocate for any calendar year is the amount equal to the sum 
        of--
                    ``(A) the amount of the State commercial 
                revitalization expenditure ceiling determined under 
                this paragraph for such calendar year for such agency 
                (determined without regard to subparagraph (B)), and
                    ``(B) the aggregate of the unused State commercial 
                revitalization expenditure ceilings determined under 
                this paragraph for such agency for each of the 2 
                preceding calendar years.
        For purposes of subparagraph (B), amounts of expenditure 
        ceiling shall be treated as allocated by an agency first from 
        unused amounts for the second preceding calendar year, then 
        from unused amounts for the 1st preceding calendar year, and 
        then from amounts from the current year State allocation.''.
            (2) Effective date.--The amendment made by this subsection 
        shall apply to calendar years beginning after the date of the 
        enactment of this Act.
    (e) Commercial Revitalization Deduction for Building Expansions.--
            (1) In general.--Section 1400I(b)(1) is amended--
                    (A) by striking ``any building (and its structural 
                components) if'',
                    (B) by inserting ``any building (and its structural 
                components) if'' before ``the building is placed'' in 
                subparagraph (A),
                    (C) by striking ``or'' at the end of subparagraph 
                (A),
                    (D) by striking ``such building not described in 
                subparagraph (A),'' in subparagraph (B) and inserting 
                ``any building (and its structural components) not 
                described in subparagraph (A) if'',
                    (E) by striking the period at the end of 
                subparagraph (B)(ii) and inserting ``, or'', and
                    (F) by adding at the end the following new 
                subparagraph:
                    ``(C) in the case of any expansion of a building 
                not described in subparagraph (A) or (B), such 
                expansion if--
                            ``(i) such expansion is made to a building 
                        owned by the taxpayer,
                            ``(ii) the taxpayer provides a detailed 
                        accounting of the distinct capital costs 
                        attributable to such expansion, and
                            ``(iii) such expansion is placed in service 
                        by the taxpayer in a renewal community and the 
                        original use of such expansion begins with the 
                        taxpayer.''.
            (2) Effective date.--The amendments made by this subsection 
        shall apply to property placed in service after the date of the 
        enactment of this Act.
    (f) Authority To Expand Boundaries of Zones and Communities.--
            (1) Empowerment zones and enterprise communities.--Section 
        1391 is amended by adding at the end the following new 
        subsection:
    ``(i) Authority To Expand Boundaries of Designated Areas.--
            ``(1) In general.--At the request of all governments which 
        nominated an area as an empowerment zone or enterprise 
        community, the appropriate Secretary may expand the area of 
        such zone or community to include 1 or more noncontiguous areas 
        if such governments establish to the satisfaction of the 
        appropriate Secretary that such expansion furthers the purposes 
        of the designation of the initial area as such a zone or 
        community.
            ``(2) Rural areas.--With respect to any empowerment zone or 
        enterprise community located in a rural area, at the request of 
        the nominating local government, the appropriate Secretary 
        shall expand the area of such zone or community to include the 
        entire area of such nominating local government, but only if--
                    ``(A) either--
                            ``(i) the poverty rate and the unemployment 
                        rate for such entire area as determined by the 
                        2000 decennial census data was at least 110 
                        percent of such rate for the United States, or
                            ``(ii) during the period beginning with the 
                        1990 decennial census and ending with the 2000 
                        decennial census, such entire area has a net 
                        out migration of inhabitants of at least 10 
                        percent of the population of such area, and
                    ``(B) such entire area meets 1 or more of the 
                following criteria determined by the 2000 decennial 
                census data:
                            ``(i) Median household income is not more 
                        than 70 percent of such income for the United 
                        States.
                            ``(ii) Per capita income is not more than 
                        75 percent of such income for the United 
                        States.
                            ``(iii) The percentage of such area's 
                        population which is disabled is at least 130 
                        percent of such percentage for the United 
                        States.''.
            (2) Renewal communities.--Section 1400E is amended by 
        adding at the end the following new subsection:
    ``(h) Authority To Expand Boundaries of Designated Areas.--
            ``(1) In general.--At the request of all governments which 
        nominated an area as a renewal community, the Secretary of 
        Housing and Urban Development may expand the area of such 
        community to include 1 or more noncontiguous areas if such 
        governments establish to the satisfaction of such Secretary 
        that such expansion furthers the purposes of the designation of 
        the initial area as a renewal community.
            ``(2) Rural areas.--With respect to any renewal community 
        located in a rural area, at the request of the nominating local 
        government, the Secretary of Housing and Urban Development 
        shall expand the area of such community to include the entire 
        area of such nominating local government, but only if--
                    ``(A) either--
                            ``(i) the poverty rate and the unemployment 
                        rate for such entire area as determined by the 
                        2000 decennial census data was at least 110 
                        percent of such rate for the United States, or
                            ``(ii) during the period beginning with the 
                        1990 decennial census and ending with the 2000 
                        decennial census, such entire area has a net 
                        out migration of inhabitants of at least 10 
                        percent of the population of such area, and
                    ``(B) such entire area meets 1 or more of the 
                following criteria determined by the 2000 decennial 
                census data:
                            ``(i) Median household income is not more 
                        than 70 percent of such income for the United 
                        States.
                            ``(ii) Per capita income is not more than 
                        75 percent of such income for the United 
                        States.
                            ``(iii) The percentage of such area's 
                        population which is disabled is at least 130 
                        percent of such percentage for the United 
                        States.''.
            (3) Effective date.--The amendments made by this subsection 
        shall take effect on the date of the enactment of this Act.
    (g) Modification of Requirement for Expanding Designated Area Based 
on 2000 Census.--
            (1) In general.--Clause (ii) of section 1400E(g)(1)(A) is 
        amended to read as follows:
                            ``(ii) such tract has a poverty rate using 
                        2000 census data--
                                    ``(I) which is at least 20 percent, 
                                or
                                    ``(II) which exceeds the poverty 
                                rate for such tract using 1990 census 
                                data.''.
            (2) Effective date.--The amendment made by this subsection 
        shall take effect on the date of the enactment of this Act.
    (h) Repeal of Exclusion of Central Business District From 
Eligibility as Designated Area.--
            (1) In general.--Paragraph (3) of section 1392(a) is 
        amended by adding ``and'' at the end of subparagraph (B), by 
        striking ``, and'' at the end of subparagraph (C) and inserting 
        a period, and by striking subparagraph (D).
            (2) Effective date.--The amendments made by this subsection 
        shall take effect on the date of the enactment of this Act.
    (i) Carryover of Unused Increased Section 179 Expensing Limit.--
            (1) In general.--Subparagraph (A) of section 1397A(a)(1) is 
        amended to read as follows:
                    ``(A) the sum of--
                            ``(i) $35,000, and
                            ``(ii) the aggregate of the unused 
                        increased limitations for each of the 2 
                        preceding taxable years, or''.
            (2) Unused increased limitation.--Section 1392 is amended 
        by adding at the end the following new subsection:
    ``(c) Unused Increased Limitation.--For purposes of subsection 
(a)(1)(A)--
            ``(1) In general.--The unused increased limitation for any 
        taxable year is the excess (but not more than $35,000) of the 
        limitation under section 179(b)(1) as increased under 
        subsection (a) over the cost of section 179 property which is 
        qualified zone property placed in service during the taxable 
        year.
            ``(2) Ordering rule.--The limitation under section 
        179(b)(1) as increased under subsection (a) shall be treated as 
        used first from unused limitation for the second preceding 
        calendar year, then from unused limitation for the 1st 
        preceding calendar year, and then from such limitation for the 
        current year.''.
            (3) Effective date.--The amendments made by this subsection 
        shall apply to taxable years beginning after the date of the 
        enactment of this Act.
    (j) Election of Financing Arrangement in Lieu of Tax Benefits.--
            (1) In general.--Section 1396 is amended by adding at the 
        end the following new subsection:
    ``(e) Election of Financing Arrangement in Lieu of Tax Benefits.--
            ``(1) In general.--At the election of any significant 
        empowerment zone business, for the payment period of the debt 
        obligation designated in such election by such business--
                    ``(A) such business--
                            ``(i) shall not be allowed an empowerment 
                        zone employment credit described in subsection 
                        (a), and
                            ``(ii) shall not be allowed any deduction 
                        for depreciation under section 168 with respect 
                        to qualified zone property, and
                    ``(B) the Secretary shall make the payments 
                described in paragraph (2) to the holder of such debt 
                obligation (or in the event that there is more than 1 
                holder, to such trustee designated by the electing 
                business to accept such payments on behalf of such 
                holders).
            ``(2) Payments.--
                    ``(A) In general.--At the beginning of each year of 
                the payment period, the Secretary shall pay (out of any 
                money in the Treasury not otherwise appropriated) to 
                the holder of the debt obligation designated by such 
                business an amount equal to--
                            ``(i) the empowerment zone employment 
                        credit computed each year under this section as 
                        if the election was not made under this 
                        subsection, and
                            ``(ii) the cost recovery benefit described 
                        in subparagraph (B),
                paid in equal installments (or as adjusted pursuant to 
                paragraph (4)(A)) over the payment period described in 
                subparagraph (C).
                    ``(B) Cost recovery benefit.--For purposes of 
                subparagraph (A), the cost recovery benefit shall be an 
                amount equal to 25 percent of--
                            ``(i) the cost of any tangible property 
                        which is qualified zone property (including 
                        improvements to such tangible property) 
                        incurred by the significant empowerment zone 
                        business, and
                            ``(ii) any such cost for which a binding 
                        contract for financing the acquisition of such 
                        tangible property (including improvements to 
                        such tangible property) has been made by such 
                        business and which under the terms of the 
                        financing is to be incurred within the first 5 
                        full calendar years beginning after the date of 
                        the election made under this subsection.
                    ``(C) Payment period.--The payment period is the 
                period of 15 calendar years beginning with the earlier 
                of--
                            ``(i) the calendar year specified (before 
                        the beginning of such year) by the significant 
                        empowerment zone business as the 1st year of 
                        the payment period without regard to the date 
                        the property is placed in service, or
                            ``(ii) the 5th calendar year beginning 
                        after the date that the election under this 
                        subsection is made.
            ``(3) Significant empowerment zone business.--For purposes 
        of this subsection, the term `significant empowerment zone 
        business' means any trade or business operating in an 
        empowerment zone if--
                    ``(A) such business is nominated by the chief 
                executive or the legislative body of the State or a 
                local government in which the zone property is located, 
                and
                    ``(B) the Secretary of Housing and Urban 
                Development determines that--
                            ``(i) it is a facility for qualified 
                        research as defined in section 41(d) which is 
                        reasonably anticipated to make at least 
                        $50,000,000 of capital expenditures within the 
                        first 3 years of the payment period, or
                            ``(ii) with respect to any other business, 
                        it is reasonably anticipated that such business 
                        will increase employment in such zone by the 
                        end of the first 3 years of the payment period 
                        by at least the lesser of--
                                    ``(I) 1,000 full-time employees or 
                                equivalents, or
                                    ``(II) 10 percent of the number of 
                                full-time employees estimated to have 
                                been employed in such zone on the date 
                                of its designation.
            ``(4) Special rules.--
                    ``(A) Adjustment to cost recovery benefit.--In the 
                event that the significant empowerment zone business 
                does not incur a cost within the period described in 
                paragraph (2)(B) and for which a cost recovery benefit 
                payment is made under this subsection, the Secretary 
                shall reduce future recovery benefit payments to 
                recover 110 percent of the overpayments in equal 
                installments over the remaining payment period.
                    ``(B) Basis adjustment.--For purposes of this 
                subtitle, if a cost recovery payment is made under this 
                subsection with respect to any property, the basis of 
                such property shall be reduced by the amount of such 
                payment.
            ``(5) Treatment of payments.--Any payment made under this 
        subsection shall not be treated as a Federal Government 
        guarantee for purposes of section 149(b).''.
            (2) Conforming amendment.--Section 1016(a) is amended by 
        striking ``and'' at the end of paragraph (36), by striking the 
        period at the end of paragraph (37) and inserting ``, and'', 
        and by adding at the end the following new paragraph:
            ``(38) to the extent provided in section 1396(e)(4)(B).''.
            (3) Effective date.--The amendments made by this subsection 
        shall apply to taxable years beginning after the date of the 
        enactment of this Act.
    (k) Certain Federally Guaranteed Bonds Issued To Provide 
Investments in Empowerment Zones and Renewal Communities Permitted To 
Be Tax-Exempt, etc.--
            (1) In general.--Subparagraph (A) of section 149(b)(3) is 
        amended by striking ``or'' at the end of clause (ii), by 
        striking the period at the end of clause (iii) and inserting 
        ``, or'', and by adding at the end the following new clause:
                            ``(iv) any guarantee by a Federal Home Loan 
                        Bank for a bond 95 percent or more of the net 
                        proceeds of which are to be used to provide 
                        property in an empowerment zone or renewal 
                        community.''.
            (2) Effective date.--The amendments made by this subsection 
        shall apply to bonds issued after the date of the enactment of 
        this Act.
    (l) Tax-Exempt Interest of Financial Institutions on Zone Facility 
Bonds Not Subject to Interest Disallowance.--
            (1) In general.--Subparagraph (B) of section 265(b)(3) 
        (defining qualified bond) is amended by adding at the end the 
        following new clause:
                            ``(iii) Enterprise zone facility bonds.--
                        The term `qualified tax-exempt obligation' 
                        includes any obligation which is treated as an 
                        exempt facility bond by section 1394.''.
            (2) Effective date.--The amendment made by this subsection 
        shall apply to taxable years beginning after the date of the 
        enactment of this Act.
    (m) Developable Sites Population Clarification.--
            (1) In general.--Subparagraph (C) of section 1391(g)(3) 
        (relating to modifications to eligibility criteria, etc.) is 
        amended to read as follows:
                    ``(C) Population limitation.--
                            ``(i) Aggregate population limitation.--The 
                        aggregate population limitation under the last 
                        sentence of subsection (b)(2) shall not apply 
                        to a designation under paragraph (1).
                            ``(ii) Exception for developable sites.--
                        The parcels described in subparagraph (A)(iii) 
                        shall not be taken into account in determining 
                        whether the requirement of section 
                        1392(a)(1)(A) is met.''.
            (2) Effective date.--The amendment made by this subsection 
        shall take effect on the date of the enactment of this Act.
    (n) Reporting.--The Secretary of the Treasury (or the Secretary's 
delegate) shall annually submit to the Committee on Ways and Means of 
the House of Representatives and the Committee on Finance of the Senate 
a report detailing for each empowerment zone, enterprise community, and 
renewal community the amount and type of claimed tax benefits.

SEC. 4. ADDITIONAL ACCESS TO CAPITAL BY RURAL ENTERPRISE COMMUNITIES.

    Section 1394 (relating to tax-exempt enterprise zone facility 
bonds) is amended by adding at the end the following new subsection:
    ``(g) Bonds for Rural Enterprise Communities.--
            ``(1) In general.--In the case of a rural enterprise 
        community bond--
                    ``(A) such bond shall not be treated as a private 
                activity bond for purposes of section 146, and
                    ``(B) subsections (c) and (f)(2) of this section 
                shall not apply.
            ``(2) Limitation of amount of bonds.--
                    ``(A) In general.--Paragraph (1) shall apply to a 
                rural enterprise community bond only if such bond is 
                designated for purposes of this subsection by the 
                Secretary of Agriculture for the area to which such 
                bond relates.
                    ``(B) Limitation on bonds designated.--The 
                aggregate face amount of bonds which may be designated 
                under subparagraph (A) with respect to all rural 
                enterprise communities shall not exceed $200,000,000.
                    ``(C) Special rules.--
                            ``(i) Coordination with other 
                        limitations.--Bonds to which paragraph (1) 
                        applies shall not be taken into account in 
                        applying the limitation of subsection (c) or 
                        (f)(2) to other bonds.
                            ``(ii) Current refunding not taken into 
                        account.--In the case of a refunding (or series 
                        of refundings) of a bond designated under this 
                        paragraph, the refunding obligation shall be 
                        treated as designated under this paragraph (and 
                        shall not be taken into account in applying 
                        subparagraph (B)) if--
                                    ``(I) the amount of the refunding 
                                bond does not exceed the outstanding 
                                amount of the refunded bond, and
                                    ``(II) the refunded bond is 
                                redeemed not later than 90 days after 
                                the date of issuance of the refunding 
                                bond.
            ``(3) Rural enterprise community bond.--For purposes of 
        this subsection, the term `rural enterprise community bond' 
        means any bond which would be described in subsection (a) if 
        all rural enterprise communities were taken into account under 
        sections 1397C and 1397D.
            ``(4) Designation procedure.--The Secretary of Agriculture 
        shall establish within 90 days after the date of the enactment 
        of this subsection, the procedure for the nomination and 
        selection of rural enterprise communities with respect to the 
        designation of rural enterprise community bonds.''.
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